National Bank of Canada FI Has $23.75 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

National Bank of Canada FI decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 64.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 256,492 shares of the company's stock after selling 457,921 shares during the quarter. National Bank of Canada FI owned about 0.06% of Otis Worldwide worth $23,754,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Fortitude Family Office LLC grew its holdings in Otis Worldwide by 485.5% during the fourth 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. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth approximately $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.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday. Finally, Barclays upped their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $100.88.

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Otis Worldwide Trading Up 3.7 %

Shares of NYSE:OTIS traded up $3.37 on Wednesday, reaching $94.25. 4,818,430 shares of the company's stock were exchanged, compared to its average volume of 2,173,079. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The company has a fifty day moving average of $98.98 and a 200-day moving average of $98.82. The company has a market capitalization of $37.37 billion, a price-to-earnings ratio of 23.21 and a beta of 1.00.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

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

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the company'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 $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $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. Insiders sold 112,281 shares of company stock valued at $10,747,553 over the last quarter. 0.23% of the stock is owned by company insiders.

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.