Commonwealth Equity Services LLC Sells 2,939 Shares of Otis Worldwide Co. (NYSE:OTIS)

Commonwealth Equity Services LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 149,098 shares of the company's stock after selling 2,939 shares during the period. Commonwealth Equity Services LLC's holdings in Otis Worldwide were worth $13,808,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in OTIS. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after buying an additional 267 shares during the period. Truvestments Capital LLC bought a new stake in shares of Otis Worldwide during the third quarter worth $36,000. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $34,000. Finally, OFI Invest Asset Management bought a new stake in Otis Worldwide in the 4th quarter valued at $37,000. Institutional investors own 88.03% of the company's stock.

Insiders Place Their Bets

In other news, 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 transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated 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 sale, the executive vice president now directly owns 169 shares of the company's stock, 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 a total of 112,281 shares of company stock valued at $10,747,553 over the last 90 days. 0.23% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Finally, Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. Two investment 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's stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average target price of $102.88.

Otis Worldwide Stock Down 0.9 %

Shares of NYSE OTIS traded down $0.93 during trading hours on Friday, hitting $100.97. The company had a trading volume of 7,242,468 shares, compared to its average volume of 2,008,908. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The firm's 50 day moving average is $97.52 and its 200-day moving average is $98.27. The stock has a market capitalization of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05.

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 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%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has initiated a stock buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.

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.