Vinva Investment Management Ltd Sells 3,639 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vinva Investment Management Ltd lowered its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 28.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,062 shares of the company's stock after selling 3,639 shares during the period. Vinva Investment Management Ltd's holdings in Otis Worldwide were worth $839,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Fortitude Family Office LLC grew its position 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 buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth $33,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $34,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $34,000. Finally, Truvestments Capital LLC bought a new stake in Otis Worldwide during the third quarter worth about $36,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on OTIS shares. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" 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 research note on Thursday, December 12th. Finally, Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $102.88.

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Otis Worldwide Price Performance

OTIS stock remained flat at $101.38 during midday trading on Tuesday. The company had a trading volume of 1,392,128 shares, compared to its average volume of 2,011,602. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The firm has a 50 day moving average of $97.94 and a two-hundred day moving average of $98.43. The company has a market cap of $40.20 billion, a PE ratio of 24.97 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide declared that its Board of Directors has authorized a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. 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. Insiders own 0.23% of the company's stock.

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.