Clearbridge Investments LLC Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Clearbridge Investments LLC decreased its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,298,514 shares of the company's stock after selling 28,405 shares during the period. Clearbridge Investments LLC owned 0.33% of Otis Worldwide worth $120,255,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC lifted its stake in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide during the fourth quarter valued at $34,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at $34,000. Finally, OFI Invest Asset Management purchased a new position in shares of Otis Worldwide during the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $9.45 during mid-day trading on Friday, hitting $94.85. The stock had a trading volume of 5,319,513 shares, compared to its average volume of 2,141,358. The firm has a market capitalization of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm's 50-day moving average is $99.32 and its two-hundred day moving average is $98.94.

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

Otis Worldwide announced that its Board of Directors has authorized 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 repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm'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 sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 over the last 90 days. Corporate insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced 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 report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Barclays boosted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. Finally, Wells Fargo & Company reduced their target price 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 investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $103.00.

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.