Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Bahl & Gaynor Inc.

Bahl & Gaynor Inc. lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 374,695 shares of the company’s stock after selling 8,956 shares during the period. Bahl & Gaynor Inc. owned approximately 0.09% of Otis Worldwide worth $34,700,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $29,000. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the 4th 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. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $33,000. Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide in the third quarter worth about $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $100.64 on Tuesday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The firm has a market capitalization of $39.91 billion, a PE ratio of 24.79 and a beta of 1.06. The business’s 50 day moving average price is $95.24 and its 200-day moving average price is $97.59.

Otis Worldwide (NYSE:OTIS) last released its earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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.