Savant Capital LLC Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Savant Capital LLC lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 14.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,881 shares of the company's stock after selling 3,813 shares during the period. Savant Capital LLC's holdings in Otis Worldwide were worth $2,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in OTIS. CWM LLC raised its holdings in shares of Otis Worldwide by 1.0% in the 3rd quarter. CWM LLC now owns 17,727 shares of the company's stock worth $1,843,000 after acquiring an additional 181 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Otis Worldwide by 1,094.9% in the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company's stock worth $145,000 after acquiring an additional 1,281 shares during the last quarter. Wesbanco Bank Inc. raised its holdings in shares of Otis Worldwide by 3.8% in the 3rd quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company's stock worth $3,604,000 after acquiring an additional 1,262 shares during the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Otis Worldwide by 1.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company's stock worth $1,066,000 after acquiring an additional 151 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Otis Worldwide by 0.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company's stock worth $4,483,000 after acquiring an additional 191 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction that occurred on 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 directly owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This trade represents 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 valued at $10,046,255. Company insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $1.25 on Friday, reaching $96.77. 2,267,827 shares of the company traded hands, compared to its average volume of 2,014,642. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The company has a 50 day moving average of $94.77 and a 200 day moving average of $97.16. The firm has a market capitalization of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06.

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%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

Several research firms have commented on OTIS. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective for the company. Barclays decreased their price objective 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. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company 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 company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $102.88.

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.