Yousif Capital Management LLC Sells 2,281 Shares of Otis Worldwide Co. (NYSE:OTIS)

Yousif Capital Management LLC lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,643 shares of the company’s stock after selling 2,281 shares during the period. Yousif Capital Management LLC’s holdings in Otis Worldwide were worth $5,616,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter worth about $25,000. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC raised its stake 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 position in shares of Otis Worldwide during the third quarter worth $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was 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 owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was 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 owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,481 shares of company stock valued at $7,159,509. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $95.91 on Friday. The business has a 50-day simple moving average of $95.31 and a 200 day simple moving average of $97.04. The firm has a market capitalization of $38.31 billion, a price-to-earnings ratio of 23.62 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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%. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.02 EPS for the current year.

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

Otis Worldwide Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock 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 price target for the company. in a report on Thursday, December 12th. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. 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 company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

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.