State of Alaska Department of Revenue Cuts Holdings in Otis Worldwide Co. (NYSE:OTIS)

State of Alaska Department of Revenue reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 17.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,546 shares of the company's stock after selling 9,520 shares during the quarter. State of Alaska Department of Revenue's holdings in Otis Worldwide were worth $4,218,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the third quarter valued at $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at $29,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of Otis Worldwide in the third quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the company'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 $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.10 during midday trading on Wednesday, hitting $96.78. 2,178,386 shares of the company's stock were exchanged, compared to its average volume of 2,068,217. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33. The stock has a 50-day moving average price of $94.94 and a two-hundred day moving average price of $97.09. The company has a market cap of $38.38 billion, a P/E ratio of 23.84 and a beta of 1.06.

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 (EPS) 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%. As a group, sell-side analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

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

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 issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research reports. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. JPMorgan Chase & Co. reduced their price target 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. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. Wells Fargo & Company reduced their price target on 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. Finally, Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Two investment 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $102.88.

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.