Otis Worldwide Co. (NYSE:OTIS) Shares Sold by BTC Capital Management Inc.

BTC Capital Management Inc. lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 57,325 shares of the company’s stock after selling 130 shares during the period. BTC Capital Management Inc.’s holdings in Otis Worldwide were worth $5,300,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Hanson & Doremus Investment Management grew its position in Otis Worldwide by 15.8% in the fourth quarter. Hanson & Doremus Investment Management now owns 1,097 shares of the company’s stock worth $102,000 after acquiring an additional 150 shares during the period. R Squared Ltd purchased a new stake in Otis Worldwide in the 4th quarter valued at about $49,000. Gateway Wealth Partners LLC purchased a new position in Otis Worldwide during the fourth quarter worth about $485,000. BSW Wealth Partners increased its position in shares of Otis Worldwide by 5.2% during the fourth quarter. BSW Wealth Partners now owns 4,193 shares of the company’s stock valued at $388,000 after acquiring an additional 206 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its stake in shares of Otis Worldwide by 1.9% in the 4th quarter. Perigon Wealth Management LLC now owns 17,005 shares of the company’s stock valued at $1,585,000 after acquiring an additional 309 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. 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 report on Thursday, December 12th. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, JPMorgan Chase & Co. cut 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 note on Thursday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Up 0.8 %

Shares of Otis Worldwide stock opened at $95.39 on Friday. Otis Worldwide Co. has a 52-week low of $87.57 and a 52-week high of $106.33. The company has a 50 day moving average of $96.02 and a 200 day moving average of $97.18. The company has a market capitalization of $38.11 billion, a P/E ratio of 23.50 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 negative return on equity of 31.57% and a net margin of 11.53%. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

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

Otis Worldwide Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 1.64%. Otis Worldwide’s dividend payout ratio is currently 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.