Evoke Wealth LLC Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Evoke Wealth LLC decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,047 shares of the company’s stock after selling 2,260 shares during the quarter. Evoke Wealth LLC’s holdings in Otis Worldwide were worth $4,264,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. M&T Bank Corp raised its position in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. raised its position in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the period. PineStone Asset Management Inc. lifted its stake in shares of Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after purchasing an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Finally, SVB Wealth LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth approximately $337,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OTIS shares. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced their target price 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. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Stock Up 0.8 %

OTIS opened at $101.41 on Tuesday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The stock’s fifty day moving average is $96.91 and its two-hundred day moving average is $98.16. The company has a market capitalization of $40.21 billion, a P/E ratio of 24.98 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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%. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide declared that its Board of Directors has approved a stock buyback plan 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 plans are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last quarter. Corporate insiders own 0.23% of the company’s stock.

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.