Delta Asset Management LLC TN Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Delta Asset Management LLC TN cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Resonant Capital Advisors LLC lifted its holdings in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares in the last quarter. Montis Financial LLC lifted its stake in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after acquiring an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its holdings in Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its stake in Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after purchasing an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its holdings in Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.3 %

OTIS opened at $102.73 on Thursday. The company’s 50-day moving average price is $98.34 and its 200 day moving average price is $98.53. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The firm has a market cap of $40.73 billion, a price-to-earnings ratio of 25.30 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%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

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

Analysts Set New Price Targets

OTIS has been the subject of several research analyst reports. Barclays increased their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday. Wells Fargo & Company decreased 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 report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $103.00.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 in the last three months. 0.23% of the stock is owned by company 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.