Boston Partners Has $2.69 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Boston Partners lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 97.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,025 shares of the company's stock after selling 1,257,261 shares during the quarter. Boston Partners' holdings in Otis Worldwide were worth $2,688,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Fortitude Family Office LLC raised its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $34,000. Finally, Truvestments Capital LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at approximately $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction on Monday, February 10th. The shares were 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 in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company's stock.

Remove Ads

Analysts Set New Price Targets

OTIS has been the topic of a number of recent research reports. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Barclays raised their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Stock Up 1.3 %

NYSE OTIS traded up $1.33 on Wednesday, reaching $102.73. 1,778,979 shares of the stock traded hands, compared to its average volume of 2,321,652. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm's fifty day simple moving average is $98.13 and its 200 day simple moving average is $98.50. The company has a market cap of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate 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 forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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 buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. Otis Worldwide's dividend payout ratio is currently 38.42%.

Otis Worldwide Company 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.