New York State Common Retirement Fund Sells 21,000 Shares of Otis Worldwide Co. (NYSE:OTIS)

New York State Common Retirement Fund cut its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 327,808 shares of the company’s stock after selling 21,000 shares during the period. New York State Common Retirement Fund owned about 0.08% of Otis Worldwide worth $30,358,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of OTIS. Blue Trust Inc. increased its position in shares of Otis Worldwide by 132.6% during the third quarter. Blue Trust Inc. now owns 3,107 shares of the company’s stock valued at $299,000 after purchasing an additional 1,771 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Otis Worldwide by 21.0% during the third quarter. Sequoia Financial Advisors LLC now owns 11,426 shares of the company’s stock valued at $1,188,000 after purchasing an additional 1,981 shares during the period. Eastern Bank bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $779,000. International Assets Investment Management LLC increased its position in shares of Otis Worldwide by 11,799.4% during the third quarter. International Assets Investment Management LLC now owns 207,168 shares of the company’s stock valued at $21,533,000 after purchasing an additional 205,427 shares during the period. Finally, Grimes & Company Inc. increased its position in shares of Otis Worldwide by 7.9% during the third quarter. Grimes & Company Inc. now owns 5,633 shares of the company’s stock valued at $585,000 after purchasing an additional 413 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s 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 transaction, the chief executive officer now directly owns 245,883 shares in the company, 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. Insiders have sold 105,621 shares of company stock valued at $10,046,255 over the last 90 days. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $99.02 on Friday. The firm has a market cap of $39.26 billion, a P/E ratio of 24.39 and a beta of 1.06. The business’s fifty day moving average is $94.64 and its two-hundred day moving average is $97.22. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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, equities research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide declared that its board has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Finally, UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target 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.