Principal Financial Group Inc. Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

Principal Financial Group Inc. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 462,548 shares of the company's stock after selling 8,496 shares during the period. Principal Financial Group Inc. owned about 0.12% of Otis Worldwide worth $42,837,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at $29,000. Fortitude Family Office LLC raised 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 acquiring an additional 267 shares during the period. Capital Performance Advisors LLP bought a new position in Otis Worldwide in the 3rd quarter valued at about $34,000. Truvestments Capital LLC bought a new stake in shares of Otis Worldwide during the third quarter worth approximately $36,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm'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 of the company's stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,621 shares of company stock worth $10,046,255. Company insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Barclays decreased their price target 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, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $102.88.

Otis Worldwide Stock Performance

Shares of OTIS stock traded down $0.59 on Friday, hitting $98.44. The company had a trading volume of 2,744,926 shares, compared to its average volume of 2,065,801. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The firm has a market cap of $39.03 billion, a P/E ratio of 24.25 and a beta of 1.06. The stock's 50-day moving average is $94.64 and its two-hundred day moving average is $97.22.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its 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%. Equities research analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

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.