Sentry Investment Management LLC Has $502,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Sentry Investment Management LLC cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 14.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,418 shares of the company’s stock after selling 882 shares during the period. Sentry Investment Management LLC’s holdings in Otis Worldwide were worth $502,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% in 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. Centricity Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Capital Performance Advisors LLP acquired a new stake in Otis Worldwide during the 3rd quarter valued at $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly 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 is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $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 quarter, insiders have sold 105,621 shares of company stock worth $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $98.67 on Tuesday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33. The business has a 50 day simple moving average of $94.70 and a 200 day simple moving average of $97.36. The stock has a market cap of $39.12 billion, a price-to-earnings ratio of 24.30 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released 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%. On average, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

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 given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Barclays reduced their price objective 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. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report 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 target price for the company. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. dropped 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. Two research 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $102.88.

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.