Bank of Montreal Can Lowers Stake in Otis Worldwide Co. (NYSE:OTIS)

Bank of Montreal Can decreased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 405,582 shares of the company's stock after selling 4,210 shares during the quarter. Bank of Montreal Can owned approximately 0.10% of Otis Worldwide worth $37,561,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Resonant Capital Advisors LLC increased its holdings in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares in the last quarter. Montis Financial LLC increased its stake in shares of Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after buying an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its position in shares of Otis Worldwide by 1.8% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after acquiring an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group grew its position in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock worth $299,000 after purchasing an additional 122 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

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Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 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 $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.42 during midday trading on Tuesday, hitting $98.94. The stock had a trading volume of 794,279 shares, compared to its average volume of 2,185,187. The firm has a market cap of $39.23 billion, a PE ratio of 24.36 and a beta of 1.00. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The stock's 50 day moving average is $99.11 and its 200 day moving average is $98.70.

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 analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide's dividend payout ratio is currently 38.42%.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. Barclays increased their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price objective on 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 research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $100.88.

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.