Otis Worldwide Co. (NYSE:OTIS) Shares Sold by abrdn plc

abrdn plc trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 142,018 shares of the company's stock after selling 11,542 shares during the period. abrdn plc's holdings in Otis Worldwide were worth $13,132,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC lifted its position 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 worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 0.6 %

OTIS stock traded up $0.55 during trading on Tuesday, reaching $96.61. 1,710,350 shares of the stock were exchanged, compared to its average volume of 2,064,139. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The firm has a market capitalization of $38.31 billion, a price-to-earnings ratio of 23.80 and a beta of 1.06. The business has a 50 day moving average price of $95.03 and a 200-day moving average price of $97.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results 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%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes 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 leadership believes its stock is undervalued.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company 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 research note on Thursday, December 12th. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. UBS Group started 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 on the stock. Finally, Wells Fargo & Company cut 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. Two 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 MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $102.88.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the company's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company's stock, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock worth $10,046,255 in the last 90 days. Corporate insiders own 0.23% of the company's stock.

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.