Savant Capital LLC Sells 3,813 Shares of Otis Worldwide Co. (NYSE:OTIS)

Savant Capital LLC cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 14.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 22,881 shares of the company’s stock after selling 3,813 shares during the period. Savant Capital LLC’s holdings in Otis Worldwide were worth $2,119,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide during the third quarter valued at approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS stock opened at $96.78 on Thursday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The business has a 50-day moving average price of $94.85 and a 200 day moving average price of $97.08. The company has a market capitalization of $38.38 billion, a P/E ratio of 23.84 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Insider Activity

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,621 shares of company stock worth $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Barclays reduced their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.