B. Metzler seel. Sohn & Co. AG Sells 197,819 Shares of Otis Worldwide Co. (NYSE:OTIS)

B. Metzler seel. Sohn & Co. AG lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 85.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,983 shares of the company's stock after selling 197,819 shares during the quarter. B. Metzler seel. Sohn & Co. AG's holdings in Otis Worldwide were worth $3,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Norges Bank bought a new position in shares of Otis Worldwide in the fourth quarter worth about $649,883,000. Franklin Resources Inc. lifted its position in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Canoe Financial LP grew its holdings in Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after buying an additional 904,157 shares during the last quarter. Finally, National Bank of Canada FI increased its position in Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock worth $74,250,000 after buying an additional 523,518 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

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Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Wells Fargo & Company lowered 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. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Barclays increased their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, March 26th. Finally, Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $103.00.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were 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 directly owns 169 shares of the company's stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 in the last three months. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

NYSE OTIS traded down $9.45 during trading on Friday, reaching $94.85. 5,319,513 shares of the company traded hands, compared to its average volume of 2,143,541. The stock's 50 day moving average price is $99.32 and its two-hundred day moving average price is $98.96. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The company has a market cap of $37.61 billion, a price-to-earnings ratio of 23.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 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%. Equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.

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

About Otis Worldwide

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.