Anchor Investment Management LLC Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Anchor Investment Management LLC lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,015 shares of the company’s stock after selling 500 shares during the quarter. Anchor Investment Management LLC’s holdings in Otis Worldwide were worth $187,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Norges Bank purchased a new stake in Otis Worldwide during the 4th quarter valued at $649,883,000. Franklin Resources Inc. lifted its position in Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Canoe Financial LP boosted its stake in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after buying an additional 904,157 shares during the period. Finally, Invesco Ltd. increased its position in Otis Worldwide by 8.1% during the fourth quarter. Invesco Ltd. now owns 4,048,203 shares of the company’s stock valued at $374,904,000 after acquiring an additional 302,414 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company dropped 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. Finally, Barclays increased their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $100.88.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was 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 directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.9 %

Shares of NYSE:OTIS opened at $96.90 on Thursday. The business’s 50 day moving average is $99.21 and its 200 day moving average is $98.69. The stock has a market cap of $38.42 billion, a P/E ratio of 23.87 and a beta of 1.00. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide declared that its Board of Directors 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 reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.