Maryland State Retirement & Pension System Has $1.97 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Maryland State Retirement & Pension System cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 21,312 shares of the company’s stock after selling 1,758 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Otis Worldwide were worth $1,974,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide during the 4th quarter worth approximately $34,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Truvestments Capital LLC bought a new position in Otis Worldwide during the 3rd quarter worth approximately $36,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS stock opened at $100.97 on Friday. The firm has a market capitalization of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. The firm has a fifty day simple moving average of $97.73 and a two-hundred day simple moving average of $98.31. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a share buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. 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 note on Wednesday, January 8th. 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. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last three months. 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.