Kintegral Advisory LLC Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Kintegral Advisory LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 4.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,672 shares of the company’s stock after selling 171 shares during the period. Kintegral Advisory LLC’s holdings in Otis Worldwide were worth $340,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC raised its stake in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at approximately $33,000. Capital Performance Advisors LLP purchased a new stake in Otis Worldwide during the 3rd quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.6 %

NYSE OTIS opened at $98.44 on Monday. The business’s 50 day moving average is $94.65 and its two-hundred day moving average is $97.31. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The stock has a market capitalization of $39.03 billion, a price-to-earnings ratio of 24.25 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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 forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its board has authorized a share buyback plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have commented on OTIS. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Barclays reduced their price objective on 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, JPMorgan Chase & Co. dropped their target price 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. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $102.88.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction 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 directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by insiders.

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.