Delta Asset Management LLC TN Has $6.51 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Delta Asset Management LLC TN lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,255 shares of the company’s stock after selling 639 shares during the quarter. Delta Asset Management LLC TN’s holdings in Otis Worldwide were worth $6,506,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at about $34,000. Finally, Truvestments Capital LLC acquired a new stake in Otis Worldwide during the third quarter worth approximately $36,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 1.3 %

Shares of NYSE OTIS opened at $102.73 on Thursday. The stock has a market cap of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05. The stock’s 50-day moving average is $98.34 and its 200 day moving average is $98.53. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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%. On average, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Barclays boosted their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday. Wolfe Research cut 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. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $103.00.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale 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 company’s stock in a transaction dated 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 transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by insiders.

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.