Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. reduced its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 38.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 114,542 shares of the company's stock after selling 70,957 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Otis Worldwide were worth $10,608,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. M&T Bank Corp lifted its holdings in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Wilmington Savings Fund Society FSB grew its stake in Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock worth $1,385,000 after purchasing an additional 9,979 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Otis Worldwide by 6.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company's stock worth $23,784,000 after purchasing an additional 13,602 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.10 during trading hours on Wednesday, hitting $94.53. The stock had a trading volume of 1,421,029 shares, compared to its average volume of 2,091,758. The firm has a market capitalization of $37.76 billion, a PE ratio of 23.28 and a beta of 1.06. The stock's 50 day moving average is $95.60 and its 200 day moving average is $97.07. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide's dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on OTIS shares. Wolfe Research cut 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 lowered their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut 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 issued a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $102.88.

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is owned by 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.