Otis Worldwide Co. (NYSE:OTIS) Shares Sold by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 99.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,080 shares of the company’s stock after selling 1,946,740 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Otis Worldwide were worth $1,582,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Transce3nd LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $28,000. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $33,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $34,000. Finally, Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OTIS. JPMorgan Chase & Co. decreased their price target 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. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Finally, Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $98.86.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Up 1.9%

NYSE:OTIS opened at $97.82 on Friday. The firm has a market capitalization of $38.61 billion, a price-to-earnings ratio of 24.09 and a beta of 1.01. The firm’s fifty day simple moving average is $98.06 and its 200 day simple moving average is $97.62. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the business posted $0.88 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.72%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is currently 44.09%.

Otis Worldwide announced that its board has authorized a stock buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are 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.