Fiera Capital Corp Has $610.93 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Fiera Capital Corp lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 4.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,596,755 shares of the company’s stock after selling 306,542 shares during the period. Otis Worldwide accounts for about 1.9% of Fiera Capital Corp’s portfolio, making the stock its 13th biggest holding. Fiera Capital Corp owned about 1.65% of Otis Worldwide worth $610,925,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of OTIS. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $334,000. Values First Advisors Inc. lifted its position in shares of Otis Worldwide by 104.4% in the 4th quarter. Values First Advisors Inc. now owns 3,381 shares of the company’s stock worth $313,000 after purchasing an additional 1,727 shares during the period. Leavell Investment Management Inc. lifted its position in shares of Otis Worldwide by 15.2% in the 4th quarter. Leavell Investment Management Inc. now owns 2,484 shares of the company’s stock worth $230,000 after purchasing an additional 327 shares during the period. Summit Trail Advisors LLC boosted its stake in shares of Otis Worldwide by 13.7% in the 4th quarter. Summit Trail Advisors LLC now owns 8,070 shares of the company’s stock valued at $747,000 after purchasing an additional 971 shares during the last quarter. Finally, Arlington Partners LLC increased its position in shares of Otis Worldwide by 8.6% during the fourth quarter. Arlington Partners LLC now owns 41,882 shares of the company’s stock worth $3,879,000 after buying an additional 3,306 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on OTIS shares. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company lowered 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 note on Thursday, January 30th. JPMorgan Chase & Co. cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Finally, Wolfe Research downgraded 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 research note on Thursday, December 12th. Two 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Up 0.1 %

OTIS opened at $96.78 on Thursday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The company has a market cap of $38.38 billion, a price-to-earnings ratio of 23.84 and a beta of 1.06. The company’s fifty day moving average price is $94.85 and its two-hundred day moving average price is $97.08.

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

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders 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 1.61%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide 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 transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 over the last 90 days. Insiders own 0.23% of the company’s stock.

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.