Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 16.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,270 shares of the company’s stock after selling 817 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Otis Worldwide were worth $395,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. CWM LLC boosted its stake in Otis Worldwide by 1.0% during the third quarter. CWM LLC now owns 17,727 shares of the company’s stock worth $1,843,000 after buying an additional 181 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in Otis Worldwide by 254.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,112 shares of the company’s stock valued at $323,000 after purchasing an additional 2,235 shares during the period. Exchange Traded Concepts LLC raised its position in Otis Worldwide by 1,094.9% in the third quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after purchasing an additional 1,281 shares during the period. CHICAGO TRUST Co NA raised its position in Otis Worldwide by 21.6% in the third quarter. CHICAGO TRUST Co NA now owns 2,678 shares of the company’s stock valued at $278,000 after purchasing an additional 475 shares during the period. Finally, Wesbanco Bank Inc. raised its position in Otis Worldwide by 3.8% in the third quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock valued at $3,604,000 after purchasing an additional 1,262 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price 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. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock 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 on the stock in a research report on Wednesday, January 8th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $102.88.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated 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 owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 in the last quarter. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 1.2 %

OTIS stock opened at $95.99 on Tuesday. The company has a market capitalization of $38.06 billion, a PE ratio of 23.64 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The business’s fifty day moving average price is $95.03 and its 200 day moving average price is $97.06.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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