New York State Teachers Retirement System Sells 13,384 Shares of Otis Worldwide Co. (NYSE:OTIS)

New York State Teachers Retirement System cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 304,303 shares of the company's stock after selling 13,384 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Otis Worldwide worth $28,182,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Kanawha Capital Management LLC lifted its holdings in shares of Otis Worldwide by 0.7% during the fourth quarter. Kanawha Capital Management LLC now owns 49,320 shares of the company's stock valued at $4,568,000 after acquiring an additional 364 shares during the period. V Square Quantitative Management LLC increased its stake in shares of Otis Worldwide by 15.8% in the fourth quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company's stock valued at $833,000 after buying an additional 1,224 shares in the last quarter. Vontobel Holding Ltd. increased its stake in shares of Otis Worldwide by 1.4% in the fourth quarter. Vontobel Holding Ltd. now owns 10,401 shares of the company's stock valued at $963,000 after buying an additional 141 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Otis Worldwide by 1.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 150,615 shares of the company's stock valued at $14,086,000 after buying an additional 2,807 shares in the last quarter. Finally, Avestar Capital LLC increased its stake in shares of Otis Worldwide by 6.9% in the fourth quarter. Avestar Capital LLC now owns 2,228 shares of the company's stock valued at $206,000 after buying an additional 143 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price for the company. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company lowered their price objective 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. Finally, JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $102.88.

Otis Worldwide Stock Performance

OTIS traded up $0.63 during midday trading on Wednesday, reaching $98.24. 1,713,544 shares of the company were exchanged, compared to its average volume of 2,052,523. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The stock has a market capitalization of $38.95 billion, a P/E ratio of 24.20 and a beta of 1.06. The stock's 50-day simple moving average is $94.64 and its 200 day simple moving average is $97.20.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its 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%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its board has approved 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 buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock worth $10,046,255 in the last 90 days. Corporate insiders own 0.23% of the company's stock.

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.