Sawgrass Asset Management LLC Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Sawgrass Asset Management LLC lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,371 shares of the company's stock after selling 5,134 shares during the period. Sawgrass Asset Management LLC's holdings in Otis Worldwide were worth $7,536,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Otis Worldwide in the fourth quarter worth approximately $334,000. Values First Advisors Inc. increased its holdings in shares of Otis Worldwide by 104.4% in the 4th quarter. Values First Advisors Inc. now owns 3,381 shares of the company's stock valued at $313,000 after acquiring an additional 1,727 shares during the period. Leavell Investment Management Inc. raised its position in shares of Otis Worldwide by 15.2% in the 4th quarter. Leavell Investment Management Inc. now owns 2,484 shares of the company's stock worth $230,000 after acquiring an additional 327 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Otis Worldwide by 13.7% during the 4th quarter. Summit Trail Advisors LLC now owns 8,070 shares of the company's stock worth $747,000 after purchasing an additional 971 shares during the last quarter. Finally, Arlington Partners LLC boosted its position in Otis Worldwide by 8.6% during the fourth quarter. Arlington Partners LLC now owns 41,882 shares of the company's stock valued at $3,879,000 after purchasing an additional 3,306 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value 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 position. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 in the last ninety days. Insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced 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. 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. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Finally, 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 objective for the company. Two equities research 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's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $102.88.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $1.25 during mid-day trading on Monday, hitting $96.77. The stock had a trading volume of 2,267,827 shares, compared to its average volume of 2,014,642. The firm has a market cap of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06. The company has a 50 day moving average of $94.77 and a two-hundred day moving average of $97.16. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33.

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

Otis Worldwide declared that its Board of Directors has initiated a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management 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. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is 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.