Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Triangle Securities Wealth Management

Triangle Securities Wealth Management cut its position in Otis Worldwide Co. (NYSE:OTIS) by 4.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,766 shares of the company’s stock after selling 640 shares during the period. Triangle Securities Wealth Management’s holdings in Otis Worldwide were worth $1,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the period. Van ECK Associates Corp increased its position in Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares during the last quarter. Canoe Financial LP raised 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 purchasing an additional 904,157 shares during the period. Finally, National Bank of Canada FI lifted its holdings in Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after acquiring an additional 523,518 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on OTIS shares. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Finally, Barclays reduced their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $103.88.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 1.7 %

Shares of NYSE:OTIS opened at $94.76 on Friday. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The stock has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The firm’s 50 day moving average price is $96.80 and its 200 day moving average price is $97.27.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 earnings per share. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide announced that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management 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.