Cohen Klingenstein LLC Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Cohen Klingenstein LLC reduced its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 19.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,500 shares of the company's stock after selling 5,807 shares during the quarter. Cohen Klingenstein LLC's holdings in Otis Worldwide were worth $2,176,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% during the fourth 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. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide during the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Up 1.7 %

NYSE:OTIS traded up $1.56 during midday trading on Friday, hitting $94.76. The stock had a trading volume of 1,869,845 shares, compared to its average volume of 1,490,667. The stock has a 50-day moving average of $96.80 and a 200 day moving average of $97.28. The company has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a one year low of $85.61 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company's revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 EPS. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has approved a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is 38.90%.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.23% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating for the company in a report on Tuesday, January 7th. Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus price target of $103.88.

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.