Principle Wealth Partners LLC Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Principle Wealth Partners LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 1.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 11,277 shares of the company’s stock after selling 125 shares during the quarter. Principle Wealth Partners LLC’s holdings in Otis Worldwide were worth $1,044,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. M&T Bank Corp boosted its stake in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after buying an additional 4,918 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after acquiring an additional 9,979 shares during the period. Finally, Sarasin & Partners LLP raised its stake in Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after acquiring an additional 229,523 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction 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 owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,621 shares of company stock valued at $10,046,255. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Finally, Barclays dropped 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 note on Wednesday, January 8th. Two 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 company currently has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Up 1.2 %

Shares of OTIS opened at $95.99 on Tuesday. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33. The company has a 50-day simple moving average of $95.03 and a 200-day simple moving average of $97.06. The company has a market capitalization of $38.06 billion, a PE ratio of 23.64 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide announced that its board has approved a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. Otis Worldwide’s payout ratio is 38.42%.

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.