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

Private Trust Co. NA trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of OTIS. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares in the last quarter. Canoe Financial LP lifted its position in shares of Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after acquiring an additional 904,157 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after acquiring an additional 523,518 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 1.7 %

NYSE OTIS opened at $99.78 on Friday. The company has a market capitalization of $39.56 billion, a PE ratio of 24.58 and a beta of 1.06. The business’s 50-day moving average price is $95.10 and its 200 day moving average price is $97.47. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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%. Equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has initiated a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid 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 1.56%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the 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 completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated Wednesday, February 5th. The shares were 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 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. Insiders sold 105,621 shares of company stock worth $10,046,255 over the last three months. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced 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. Barclays reduced their price objective 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 price objective on the stock. in a research report on Thursday, December 12th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Finally, 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. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Company 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.