ANTIPODES PARTNERS Ltd Has $5.71 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

ANTIPODES PARTNERS Ltd trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,679 shares of the company's stock after selling 6,136 shares during the period. ANTIPODES PARTNERS Ltd's holdings in Otis Worldwide were worth $5,713,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at $29,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Truvestments Capital LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at $36,000. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $33,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.5 %

Shares of NYSE OTIS traded down $0.47 during midday trading on Thursday, reaching $99.44. 2,075,317 shares of the company were exchanged, compared to its average volume of 2,003,047. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock has a fifty day simple moving average of $96.57 and a 200 day simple moving average of $97.99. The stock has a market cap of $39.43 billion, a P/E ratio of 24.49 and a beta of 1.05.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. Otis Worldwide's payout ratio is currently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 over the last 90 days. Company insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.