Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 729,946 shares of the company's stock after selling 27,649 shares during the quarter. Rhumbline Advisers owned 0.18% of Otis Worldwide worth $67,600,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of OTIS. Kanawha Capital Management LLC grew its stake in shares of Otis Worldwide by 0.7% during the fourth quarter. Kanawha Capital Management LLC now owns 49,320 shares of the company's stock valued at $4,568,000 after buying an additional 364 shares during the last quarter. V Square Quantitative Management LLC grew its position in Otis Worldwide by 15.8% in the 4th quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company's stock valued at $833,000 after acquiring an additional 1,224 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Otis Worldwide by 1.4% in the fourth quarter. Vontobel Holding Ltd. now owns 10,401 shares of the company's stock worth $963,000 after purchasing an additional 141 shares during the period. Asset Management One Co. Ltd. lifted its position in shares of Otis Worldwide by 1.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 150,615 shares of the company's stock worth $14,086,000 after purchasing an additional 2,807 shares during the last quarter. Finally, Avestar Capital LLC boosted its stake in shares of Otis Worldwide by 6.9% during the fourth quarter. Avestar Capital LLC now owns 2,228 shares of the company's stock valued at $206,000 after purchasing an additional 143 shares during the period. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on OTIS shares. Wells Fargo & Company reduced 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 research note on Thursday, January 30th. Barclays reduced 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 report on Wednesday, January 8th. Wolfe Research lowered 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. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $102.88.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.56 during mid-day trading on Wednesday, reaching $98.17. 740,241 shares of the company were exchanged, compared to its average volume of 2,019,213. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The business has a fifty day moving average of $94.64 and a 200 day moving average of $97.20. The firm has a market cap of $38.92 billion, a P/E ratio of 24.18 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 31.76% and a net margin of 11.53%. Sell-side analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.

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

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last 90 days. 0.23% of the stock is owned by corporate 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.