Private Trust Co. NA Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Private Trust Co. NA cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 14,339 shares of the company’s stock after selling 141 shares during the quarter. Private Trust Co. NA’s holdings in Otis Worldwide were worth $1,328,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Resonant Capital Advisors LLC increased its holdings in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the last quarter. Optas LLC increased its holdings in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after purchasing an additional 118 shares during the last quarter. Rehmann Capital Advisory Group increased its holdings in Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares during the last quarter. PFG Investments LLC increased its holdings in Otis Worldwide by 4.1% during the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after purchasing an additional 131 shares during the last quarter. Finally, Groupama Asset Managment increased its holdings in Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after purchasing an additional 132 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now owns 230,153 shares in the company, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on 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 directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by company insiders.

Otis Worldwide Price Performance

NYSE:OTIS opened at $99.78 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The firm has a market capitalization of $39.56 billion, a P/E ratio of 24.58 and a beta of 1.06. The business has a 50 day simple moving average of $95.10 and a 200 day simple moving average of $97.47.

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

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

Otis Worldwide Dividend Announcement

The firm 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. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Barclays decreased 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. Wells Fargo & Company decreased 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. JPMorgan Chase & Co. decreased 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. Finally, UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.88.

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.