Voya Investment Management LLC Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Voya Investment Management LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 533,573 shares of the company's stock after selling 56,085 shares during the period. Voya Investment Management LLC owned about 0.13% of Otis Worldwide worth $49,414,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Transce3nd LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC increased its stake in shares of 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 in the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in Otis Worldwide in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $1.35 during trading on Tuesday, reaching $95.00. The company had a trading volume of 2,802,269 shares, compared to its average volume of 2,234,931. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The stock's 50 day moving average price is $98.97 and its two-hundred day moving average price is $98.17. The firm has a market capitalization of $37.58 billion, a price-to-earnings ratio of 23.40 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm posted $0.88 EPS. The business's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.77%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is presently 44.09%.

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

Analyst Ratings Changes

Several brokerages have recently issued reports on OTIS. Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Barclays cut their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Royal Bank of Canada cut their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $100.00.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The transaction 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 stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide 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.