Copeland Capital Management LLC Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Copeland Capital Management LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 92.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,251 shares of the company's stock after selling 155,797 shares during the quarter. Copeland Capital Management LLC's holdings in Otis Worldwide were worth $1,135,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in OTIS. Riverview Trust Co purchased a new stake in Otis Worldwide during the third quarter valued at $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC increased its stake 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 acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in Otis Worldwide during the third quarter valued at approximately $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 1.4 %

Shares of NYSE OTIS traded up $1.36 during mid-day trading on Thursday, reaching $95.91. 1,756,324 shares of the company were exchanged, compared to its average volume of 2,077,784. The firm has a 50-day moving average of $95.31 and a 200 day moving average of $97.04. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The stock has a market cap of $38.31 billion, a price-to-earnings ratio of 23.62 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate 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 analysts forecast that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide announced that its board has approved a stock repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is presently 38.42%.

Insider Activity

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares of the company's stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,481 shares of company stock worth $7,159,509. Insiders own 0.23% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on OTIS. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Barclays dropped their price objective on shares of 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 reduced their target price 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. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. 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 company's stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and an average 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.