OLD Second National Bank of Aurora Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

OLD Second National Bank of Aurora lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 27.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 508 shares of the company’s stock after selling 192 shares during the period. OLD Second National Bank of Aurora’s holdings in Otis Worldwide were worth $47,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the third quarter worth about $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC increased 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 worth $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the third quarter worth about $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $95.39 on Friday. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The firm has a market cap of $38.11 billion, a PE ratio of 23.50 and a beta of 1.06. The company has a 50 day simple moving average of $96.02 and a two-hundred day simple moving average of $97.18.

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 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 31.57%. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has approved a stock repurchase program 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 programs are usually an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.