Anchor Investment Management LLC Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Anchor Investment Management LLC lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 19.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,015 shares of the company’s stock after selling 500 shares during the period. Anchor Investment Management LLC’s holdings in Otis Worldwide were worth $187,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Resonant Capital Advisors LLC boosted its holdings in Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares in the last quarter. Montis Financial LLC increased its stake in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after buying an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after acquiring an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its position in shares of Otis Worldwide by 1.8% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after acquiring an additional 117 shares in the last quarter. Finally, PFG Investments LLC boosted its stake in shares of Otis Worldwide by 4.1% in the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after acquiring an additional 131 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays increased their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $100.88.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.9 %

Otis Worldwide stock opened at $96.90 on Thursday. The company’s 50 day moving average is $99.21 and its two-hundred day moving average is $98.69. The firm has a market cap of $38.42 billion, a PE ratio of 23.87 and a beta of 1.00. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (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, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

About Otis Worldwide

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.