Comgest Global Investors S.A.S. Sells 60,065 Shares of Otis Worldwide Co. (NYSE:OTIS)

Comgest Global Investors S.A.S. lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 338,087 shares of the company's stock after selling 60,065 shares during the quarter. Otis Worldwide accounts for 0.5% of Comgest Global Investors S.A.S.'s portfolio, making the stock its 29th biggest holding. Comgest Global Investors S.A.S. owned 0.09% of Otis Worldwide worth $31,310,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of OTIS. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide during the fourth quarter worth $28,000. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $34,000. Finally, Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at about $34,000. Institutional investors own 88.03% of the company's stock.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction dated 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 sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last ninety days. Insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 30th. Barclays raised 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. Finally, JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $100.88.

Otis Worldwide Price Performance

Shares of OTIS traded up $1.75 during midday trading on Friday, reaching $98.53. The stock had a trading volume of 1,964,356 shares, compared to its average volume of 2,191,913. The firm's 50 day moving average price is $99.26 and its 200-day moving average price is $98.65. The company has a market capitalization of $39.07 billion, a P/E ratio of 24.27 and a beta of 1.00. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly 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 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 authorized a stock buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

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.