Federated Hermes Inc. Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Federated Hermes Inc. lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 303,039 shares of the company's stock after selling 23,369 shares during the period. Federated Hermes Inc. owned approximately 0.08% of Otis Worldwide worth $28,064,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company's stock.

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Otis Worldwide Trading Up 1.1 %

Shares of NYSE OTIS traded up $1.09 during midday trading on Monday, hitting $98.18. The company's stock had a trading volume of 286,479 shares, compared to its average volume of 2,440,355. The stock has a fifty day moving average price of $99.03 and a 200 day moving average price of $98.74. The firm has a market capitalization of $38.93 billion, a price-to-earnings ratio of 24.18 and a beta of 1.00. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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, equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized a stock buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wells Fargo & Company lowered their price target on 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. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Barclays lifted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $100.88.

Otis Worldwide Company 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.