Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Mirova

Mirova reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,324 shares of the company’s stock after selling 181 shares during the period. Mirova’s holdings in Otis Worldwide were worth $400,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. Resonant Capital Advisors LLC lifted its position in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the last quarter. Montis Financial LLC raised its stake in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its holdings in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after buying an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its position in shares of Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock worth $600,000 after acquiring an additional 117 shares in the last quarter. Finally, PFG Investments LLC increased its holdings in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after acquiring an additional 131 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.8 %

Otis Worldwide stock opened at $98.53 on Friday. The firm has a 50-day moving average price of $99.30 and a two-hundred day moving average price of $98.57. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The firm has a market capitalization of $39.07 billion, a price-to-earnings ratio of 24.27 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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%. Research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Insider Activity at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide 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 in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of several research analyst reports. Barclays raised their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $100.88.

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.