Primecap Management Co. CA Sells 3,959 Shares of Otis Worldwide Co. (NYSE:OTIS)

Primecap Management Co. CA trimmed its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 0.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,809,921 shares of the company's stock after selling 3,959 shares during the period. Primecap Management Co. CA owned 0.46% of Otis Worldwide worth $167,617,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $34,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $34,000. Finally, Truvestments Capital LLC bought a new position in Otis Worldwide in the 3rd quarter worth approximately $36,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on OTIS. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Barclays lowered their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price objective 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. Finally, Wells Fargo & Company lowered their price objective 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. 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. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $102.88.

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Otis Worldwide Stock Performance

Otis Worldwide stock traded down $0.93 on Friday, reaching $100.97. The company's stock had a trading volume of 7,242,491 shares, compared to its average volume of 2,008,301. The company has a market cap of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05. The business's fifty day moving average price is $97.73 and its 200 day moving average price is $98.31. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. Otis Worldwide's payout ratio is currently 38.42%.

Otis Worldwide announced that its board has approved a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was 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 90 days. 0.23% of the stock is owned by insiders.

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.