Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,226,621 shares of the company’s stock after selling 57,332 shares during the period. Bank of New York Mellon Corp owned 0.81% of Otis Worldwide worth $298,817,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in OTIS. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC grew its stake in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter valued at approximately $36,000. Finally, Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $33,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” 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 objective on the stock. in a report on Thursday, December 12th. Barclays lowered 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. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Finally, Wells Fargo & Company lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Trading Down 1.4 %

Shares of NYSE OTIS opened at $98.63 on Thursday. The business’s fifty day simple moving average is $94.87 and its 200-day simple moving average is $97.41. The stock has a market cap of $39.11 billion, a P/E ratio of 24.29 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide announced that its board has approved a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are 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 shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the transaction, the chief executive officer now owns 230,153 shares in the company, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $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. In the last 90 days, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is currently owned by insiders.

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.