Otis Worldwide Co. (NYSE:OTIS) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 421,547 shares of the company's stock after selling 18,347 shares during the quarter. PNC Financial Services Group Inc. owned about 0.11% of Otis Worldwide worth $39,039,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at $29,000. Fortitude Family Office LLC increased its holdings in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the third quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in shares of Otis Worldwide during the third quarter worth about $36,000. Finally, Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth about $33,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on OTIS shares. Wells Fargo & Company reduced 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. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Wolfe Research lowered shares of 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. Barclays cut 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, JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus price target of $102.88.

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Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were 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 approximately $2,353,358.07. This represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 over the last ninety days. Company insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 0.5 %

Otis Worldwide stock traded down $0.47 during midday trading on Thursday, hitting $99.44. The stock had a trading volume of 2,075,307 shares, compared to its average volume of 2,005,889. The business has a fifty day moving average price of $96.43 and a 200 day moving average price of $97.98. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The stock has a market cap of $39.43 billion, a P/E ratio of 24.49 and a beta of 1.05.

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 anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board 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.