Corient Private Wealth LLC Has $18.20 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Corient Private Wealth LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 199,108 shares of the company's stock after selling 8,411 shares during the period. Corient Private Wealth LLC owned 0.05% of Otis Worldwide worth $18,203,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Fortitude Family Office LLC grew 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 acquiring an additional 267 shares during the period. Truvestments Capital LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at $36,000. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide during the fourth quarter worth about $34,000. Finally, OFI Invest Asset Management acquired a new position in Otis Worldwide in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on OTIS shares. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price target 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. Wells Fargo & Company lowered their price objective on shares of 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. Finally, Wolfe Research cut 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 report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $102.88.

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Otis Worldwide Price Performance

NYSE:OTIS traded down $0.93 on Friday, hitting $100.97. 7,242,491 shares of the company's stock were exchanged, compared to its average volume of 2,008,301. The firm has a 50-day moving average price of $97.73 and a 200-day moving average price of $98.31. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The company has a market cap 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 issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced 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. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide's payout ratio is 38.42%.

Otis Worldwide declared that its Board of Directors has approved a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by corporate 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.