Blair William & Co. IL Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Blair William & Co. IL cut its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 14.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,287 shares of the company's stock after selling 3,556 shares during the quarter. Blair William & Co. IL's holdings in Otis Worldwide were worth $1,971,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Caisse Des Depots ET Consignations purchased a new position in shares of Otis Worldwide during the fourth quarter worth about $4,372,000. Loomis Sayles & Co. L P bought a new position in Otis Worldwide in the fourth quarter valued at $55,000. NEOS Investment Management LLC boosted its holdings in shares of Otis Worldwide by 30.3% in the 4th quarter. NEOS Investment Management LLC now owns 21,401 shares of the company's stock worth $1,982,000 after purchasing an additional 4,973 shares in the last quarter. UniSuper Management Pty Ltd increased its position in shares of Otis Worldwide by 24.3% during the 4th quarter. UniSuper Management Pty Ltd now owns 35,022 shares of the company's stock valued at $3,243,000 after purchasing an additional 6,857 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $9.45 during midday trading on Friday, reaching $94.85. 5,319,513 shares of the company's stock traded hands, compared to its average volume of 2,143,541. The company has a market cap of $37.61 billion, a PE ratio of 23.36 and a beta of 1.00. The stock has a 50 day moving average of $99.32 and a 200-day moving average of $98.99. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company 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. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.64%. Otis Worldwide's payout ratio is 38.42%.

Otis Worldwide declared that its board has initiated a stock buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Barclays lifted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. 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. Finally, Wells Fargo & Company decreased 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $103.00.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 28,440 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company's stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

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.