Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 50,451 shares of the company's stock after selling 3,959 shares during the period. Gateway Investment Advisers LLC's holdings in Otis Worldwide were worth $4,672,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Riverview Trust Co acquired a new position in Otis Worldwide during the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at $29,000. Fortitude Family Office LLC boosted 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 worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Otis Worldwide in the 3rd quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OTIS shares. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating for the company in a research report on Tuesday, January 7th. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday. Finally, UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $103.88.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $1.56 during trading on Friday, reaching $94.76. The company had a trading volume of 1,869,845 shares, compared to its average volume of 1,490,667. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The firm's fifty day moving average is $96.80 and its 200-day moving average is $97.27. The company has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company's quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. On average, research analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide's payout ratio is currently 38.90%.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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.