Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 886,843 shares of the company’s stock after selling 36,395 shares during the period. Fisher Asset Management LLC owned approximately 0.22% of Otis Worldwide worth $82,131,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC lifted its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the third quarter worth approximately $34,000. Truvestments Capital LLC purchased a new position in Otis Worldwide in the third quarter worth approximately $36,000. Finally, Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.7 %

Shares of NYSE:OTIS opened at $99.78 on Friday. The company has a market capitalization of $39.56 billion, a PE ratio of 24.58 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The firm has a 50 day simple moving average of $95.10 and a 200-day simple moving average of $97.50.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 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%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The shares were 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. The trade was 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, CEO Judith Fran Marks sold 38,012 shares of the business’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 $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last 90 days. 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.