Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 211,104 shares of the company's stock after selling 5,190 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Otis Worldwide worth $19,550,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. M&T Bank Corp raised its position in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after purchasing an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB grew its holdings in Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock valued at $1,385,000 after purchasing an additional 9,979 shares during the last quarter. Finally, Sarasin & Partners LLP grew its holdings in Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock valued at $375,378,000 after purchasing an additional 229,523 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. Wells Fargo & Company dropped 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 research note on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. 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 research note on Thursday, January 30th. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective on the stock. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. 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. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $102.88.

Otis Worldwide Trading Up 0.6 %

Shares of NYSE OTIS traded up $0.63 during midday trading on Wednesday, reaching $98.24. The company had a trading volume of 1,713,544 shares, compared to its average volume of 2,049,501. The business's 50-day simple moving average is $94.64 and its 200 day simple moving average is $97.20. The stock has a market cap of $38.95 billion, a P/E ratio of 24.20 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. Analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. Otis Worldwide's payout ratio is currently 38.42%.

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

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was 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 owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 over the last 90 days. 0.23% of the stock is currently owned by company insiders.

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.