Fiera Capital Corp Sells 306,542 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fiera Capital Corp decreased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,596,755 shares of the company's stock after selling 306,542 shares during the period. Otis Worldwide accounts for about 1.9% of Fiera Capital Corp's holdings, making the stock its 13th biggest holding. Fiera Capital Corp owned 1.65% of Otis Worldwide worth $610,925,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Geode Capital Management LLC grew its stake in Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock worth $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. grew its stake in Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the period. Sarasin & Partners LLP grew its stake in Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock worth $375,378,000 after purchasing an additional 229,523 shares during the period. Finally, Wellington Management Group LLP grew its stake in Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after purchasing an additional 391,206 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $1.25 during trading hours on Friday, reaching $96.77. The company had a trading volume of 2,267,827 shares, compared to its average volume of 2,014,642. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The business has a fifty day simple moving average of $94.77 and a 200-day simple moving average of $97.14. The company has a market cap of $38.37 billion, a price-to-earnings ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide announced that its board has initiated a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide 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 sale, the chief executive officer now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. 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 report on Thursday, December 12th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. Finally, UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $102.88.

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.