Mcdonald Partners LLC Sells 174 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mcdonald Partners LLC trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,977 shares of the company’s stock after selling 174 shares during the quarter. Mcdonald Partners LLC’s holdings in Otis Worldwide were worth $276,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of OTIS. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC lifted its position in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Capital Performance Advisors LLP bought a new position in Otis Worldwide in the third quarter worth $34,000. Finally, Golden State Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter worth $34,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $97.56 on Wednesday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The firm has a market cap of $38.68 billion, a PE ratio of 24.03 and a beta of 1.06. The business has a fifty day moving average of $94.64 and a 200-day moving average of $97.20.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates 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 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Two investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide 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.