Equitable Trust Co. Has $18.49 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Equitable Trust Co. trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 10.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 199,653 shares of the company's stock after selling 24,093 shares during the quarter. Otis Worldwide makes up 1.0% of Equitable Trust Co.'s portfolio, making the stock its 21st biggest position. Equitable Trust Co.'s holdings in Otis Worldwide were worth $18,490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC raised its holdings in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after purchasing an additional 105 shares during the period. Optas LLC raised its holdings in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company's stock worth $574,000 after purchasing an additional 118 shares during the period. Rehmann Capital Advisory Group raised its holdings in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock worth $299,000 after purchasing an additional 122 shares during the period. PFG Investments LLC raised its holdings in shares of Otis Worldwide by 4.1% during the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company's stock worth $309,000 after purchasing an additional 131 shares during the period. Finally, Groupama Asset Managment raised its holdings in shares of Otis Worldwide by 1.4% during the third quarter. Groupama Asset Managment now owns 9,428 shares of the company's stock worth $980,000 after purchasing an additional 132 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,621 shares of company stock valued at $10,046,255. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Up 1.3 %

Otis Worldwide stock traded up $1.25 during trading hours on Thursday, hitting $97.99. 2,142,450 shares of the company traded hands, compared to its average volume of 2,070,778. The firm has a market cap of $38.85 billion, a P/E ratio of 24.13 and a beta of 1.06. The firm's 50-day simple moving average is $94.83 and its two-hundred day simple moving average is $97.09. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its 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 research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide declared that its board has authorized a stock buyback plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.59%. Otis Worldwide's payout ratio is 38.42%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OTIS. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Wells Fargo & Company dropped 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 report on Thursday, January 30th. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. Finally, Wolfe Research cut shares of 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. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $102.88.

Otis Worldwide Company Profile

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.