Assenagon Asset Management S.A. Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Assenagon Asset Management S.A. lowered its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 65.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 94,909 shares of the company's stock after selling 179,967 shares during the period. Assenagon Asset Management S.A.'s holdings in Otis Worldwide were worth $8,790,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OTIS. Fifth Third Wealth Advisors LLC lifted its position in shares of Otis Worldwide by 3.8% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 4,416 shares of the company's stock valued at $409,000 after buying an additional 162 shares in the last quarter. Oak Thistle LLC purchased a new position in Otis Worldwide during the fourth quarter valued at $2,283,000. SeaCrest Wealth Management LLC grew its position in shares of Otis Worldwide by 38.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 2,780 shares of the company's stock valued at $257,000 after purchasing an additional 778 shares during the period. Cooper Financial Group grew its position in shares of Otis Worldwide by 3.7% in the fourth quarter. Cooper Financial Group now owns 6,613 shares of the company's stock valued at $612,000 after purchasing an additional 237 shares during the period. Finally, Wedmont Private Capital increased its stake in shares of Otis Worldwide by 4.9% during the fourth quarter. Wedmont Private Capital now owns 6,400 shares of the company's stock worth $581,000 after purchasing an additional 299 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business'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 value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $1.56 on Monday, hitting $94.76. 1,869,845 shares of the stock traded hands, compared to its average volume of 1,490,667. Otis Worldwide Co. has a twelve month low of $85.61 and a twelve month high of $106.33. The firm's 50-day moving average price is $96.80 and its two-hundred day moving average price is $97.29. The stock has a market capitalization of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business's revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide's payout ratio is 38.90%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a report on Wednesday, January 15th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. Barclays dropped their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $103.88.

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.