Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,183 shares of the company’s stock after selling 1,657 shares during the period. Orion Portfolio Solutions LLC’s holdings in Otis Worldwide were worth $4,277,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC raised 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 purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at 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 acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $34,000. Finally, OFI Invest Asset Management bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $37,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. 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. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays lifted their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday, March 26th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. 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. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $103.00.

Otis Worldwide Trading Down 0.9 %

Shares of NYSE:OTIS opened at $102.08 on Monday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The firm has a market capitalization of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05. The firm’s 50 day moving average is $98.69 and its two-hundred day moving average is $98.72.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. Analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide 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.