Otis Worldwide Co. (NYSE:OTIS) Shares Sold by NBT Bank N A NY

NBT Bank N A NY trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 1.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,026 shares of the company’s stock after selling 215 shares during the period. NBT Bank N A NY’s holdings in Otis Worldwide were worth $1,855,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of OTIS. Ashton Thomas Securities LLC bought a new position in Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter worth about $33,000. Capital Performance Advisors LLP bought a new position in Otis Worldwide in the third quarter worth about $34,000. Finally, Golden State Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter worth about $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.1 %

OTIS opened at $103.95 on Tuesday. The business’s 50 day moving average is $96.11 and its 200-day moving average is $97.92. The stock has a market cap of $41.22 billion, a PE ratio of 25.60 and a beta of 1.05. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its 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%. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has authorized a share buyback 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 often a sign that the company’s leadership believes its stock is undervalued.

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 issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.50%. Otis Worldwide’s payout ratio is 38.42%.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the 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 completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 over the last quarter. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on OTIS shares. Wells Fargo & Company cut 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 report on Thursday, January 30th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Barclays cut their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two 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. Based on data from MarketBeat.com, Otis Worldwide 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.