Allstate Corp Buys Shares of 12,328 Otis Worldwide Co. (NYSE:OTIS)

Allstate Corp bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 12,328 shares of the company's stock, valued at approximately $1,142,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. boosted its holdings in Otis Worldwide by 1.7% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,035,358 shares of the company's stock valued at $95,885,000 after purchasing an additional 16,822 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $213,000. Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter valued at $649,883,000. Caisse Des Depots ET Consignations bought a new stake in Otis Worldwide in the fourth quarter valued at $4,372,000. Finally, Loomis Sayles & Co. L P acquired a new position in Otis Worldwide during the fourth quarter worth $55,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 9.1 %

NYSE:OTIS traded down $9.45 during trading hours on Friday, hitting $94.85. 5,319,513 shares of the stock were exchanged, compared to its average volume of 2,141,358. The company has a market capitalization of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. The company's 50 day moving average is $99.32 and its two-hundred day moving average is $98.94. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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, equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

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Otis Worldwide Announces Dividend

The firm also recently declared 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits 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.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OTIS. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. decreased their price objective 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, January 30th. Barclays raised their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. Finally, Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $103.00.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last ninety days. Company 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.