Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Principle Wealth Partners LLC

Principle Wealth Partners LLC cut its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,277 shares of the company’s stock after selling 125 shares during the period. Principle Wealth Partners LLC’s holdings in Otis Worldwide were worth $1,044,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC increased its position in shares of Otis Worldwide by 485.5% during the fourth 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. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter valued at about $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company dropped 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 decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Activity at Otis Worldwide

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

Otis Worldwide Trading Up 1.2 %

NYSE:OTIS opened at $95.99 on Tuesday. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The firm has a market cap of $38.06 billion, a PE ratio of 23.64 and a beta of 1.06. The stock has a fifty day moving average price of $95.03 and a 200 day moving average price of $97.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. Equities analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide declared that its board has initiated a stock repurchase 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 a sign that the company’s board of directors believes its stock is undervalued.

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.