Factory Mutual Insurance Co. Lowers Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Factory Mutual Insurance Co. decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 46.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,800 shares of the company's stock after selling 113,200 shares during the quarter. Factory Mutual Insurance Co.'s holdings in Otis Worldwide were worth $12,113,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of OTIS. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC grew its stake in shares of 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 purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at approximately $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.3 %

OTIS traded down $0.32 on Tuesday, hitting $94.24. The company had a trading volume of 1,029,634 shares, compared to its average volume of 2,094,868. The firm has a market cap of $37.64 billion, a P/E ratio of 23.23 and a beta of 1.06. The company's fifty day moving average price is $95.75 and its 200 day moving average price is $97.09. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, analysts predict that Otis Worldwide Co. will post 4.02 earnings per share 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 outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.66%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Insider Activity at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company's 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 sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OTIS shares. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. JPMorgan Chase & Co. cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Barclays lowered 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. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Finally, Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $102.88.

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.