Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. reduced its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 11.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,328 shares of the company's stock after selling 8,116 shares during the period. Pacer Advisors Inc.'s holdings in Otis Worldwide were worth $5,865,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide during the third quarter worth $29,000. 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. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.74 during mid-day trading on Thursday, reaching $95.39. The company's stock had a trading volume of 2,499,615 shares, compared to its average volume of 2,174,762. Otis Worldwide Co. has a 12-month low of $87.57 and a 12-month high of $106.33. The stock has a market cap of $38.11 billion, a PE ratio of 23.79 and a beta of 1.06. The company's 50 day moving average is $96.12 and its 200 day moving average is $97.19.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data 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 negative return on equity of 31.28% and a net margin of 11.48%. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wells Fargo & Company lowered their price target 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. Barclays lowered their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. JPMorgan Chase & Co. decreased 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. Finally, UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company's stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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.