United Services Automobile Association Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

United Services Automobile Association lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,371 shares of the company’s stock after selling 477 shares during the period. United Services Automobile Association’s holdings in Otis Worldwide were worth $5,313,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $34,000. Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $34,000. Finally, Truvestments Capital LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at approximately $36,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 0.9 %

Otis Worldwide stock opened at $100.97 on Monday. The firm has a market capitalization of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The firm’s 50-day simple moving average is $97.73 and its 200 day simple moving average is $98.36.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its board has approved a stock repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

OTIS has been the subject of a number of recent analyst reports. Barclays reduced 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. Wolfe Research lowered 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. 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. Finally, JPMorgan Chase & Co. decreased 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 report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s 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 sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. 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.