Forvis Mazars Wealth Advisors LLC Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Forvis Mazars Wealth Advisors LLC decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 13.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,697 shares of the company’s stock after selling 1,935 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Otis Worldwide were worth $1,176,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased 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 valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. increased its holdings in 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 buying an additional 2,706,871 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares during the period. Canoe Financial LP boosted its stake in shares of Otis Worldwide by 699.5% during the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after acquiring an additional 904,157 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Otis Worldwide by 274.2% during the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on OTIS shares. 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 report on Thursday, January 30th. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Barclays lowered their price objective 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. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Price Performance

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

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given 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 is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is currently owned by insiders.

About Otis Worldwide

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.