Savant Capital LLC Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Savant Capital LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 14.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,881 shares of the company’s stock after selling 3,813 shares during the period. Savant Capital LLC’s holdings in Otis Worldwide were worth $2,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Liberty Capital Management Inc. boosted its position in Otis Worldwide by 0.6% in the fourth quarter. Liberty Capital Management Inc. now owns 26,913 shares of the company’s stock worth $2,492,000 after purchasing an additional 171 shares during the last quarter. Howland Capital Management LLC lifted its stake in shares of Otis Worldwide by 15.5% in the 4th quarter. Howland Capital Management LLC now owns 2,852 shares of the company’s stock worth $264,000 after purchasing an additional 383 shares during the period. Quotient Wealth Partners LLC boosted its holdings in shares of Otis Worldwide by 2.5% in the fourth quarter. Quotient Wealth Partners LLC now owns 5,839 shares of the company’s stock worth $541,000 after buying an additional 140 shares during the last quarter. Empowered Funds LLC grew its position in Otis Worldwide by 11.6% during the fourth quarter. Empowered Funds LLC now owns 8,131 shares of the company’s stock valued at $753,000 after buying an additional 845 shares during the period. Finally, Farmers & Merchants Investments Inc. raised its position in Otis Worldwide by 10.9% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 41,732 shares of the company’s stock worth $3,865,000 after acquiring an additional 4,089 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. 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. Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company lowered their price objective 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. Finally, JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $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 available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 over the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 0.1 %

Shares of OTIS opened at $96.78 on Thursday. The business’s 50 day moving average is $94.85 and its 200 day moving average is $97.08. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The company has a market capitalization of $38.38 billion, a PE ratio of 23.84 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

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.