Chevy Chase Trust Holdings LLC Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Chevy Chase Trust Holdings LLC lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 211,104 shares of the company’s stock after selling 5,190 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Otis Worldwide were worth $19,550,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the stock. V Square Quantitative Management LLC raised its stake in shares of Otis Worldwide by 15.8% during the fourth quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company’s stock worth $833,000 after purchasing an additional 1,224 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of Otis Worldwide by 1.4% during the fourth quarter. Vontobel Holding Ltd. now owns 10,401 shares of the company’s stock worth $963,000 after purchasing an additional 141 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Otis Worldwide by 1.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 150,615 shares of the company’s stock worth $14,086,000 after purchasing an additional 2,807 shares during the last quarter. Avestar Capital LLC raised its position in Otis Worldwide by 6.9% in the fourth quarter. Avestar Capital LLC now owns 2,228 shares of the company’s stock worth $206,000 after acquiring an additional 143 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Otis Worldwide in the fourth quarter worth $334,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OTIS. Wolfe Research cut 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. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Down 1.3 %

OTIS opened at $96.77 on Friday. The firm has a market cap of $38.37 billion, a P/E ratio of 23.83 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The business’s fifty day simple moving average is $94.77 and its 200 day simple moving average is $97.14.

Otis Worldwide (NYSE:OTIS) last released 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed 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 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 (DPR) is 38.42%.

Otis Worldwide announced that its board has initiated a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. This represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 in the last three months. Corporate 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.