Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Factory Mutual Insurance Co.

Factory Mutual Insurance Co. cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 46.4% in the fourth quarter, Holdings Channel reports. The firm owned 130,800 shares of the company’s stock after selling 113,200 shares during the period. Factory Mutual Insurance Co.’s holdings in Otis Worldwide were worth $12,113,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Otis Worldwide during the 3rd quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Price Performance

NYSE:OTIS opened at $95.43 on Friday. The firm has a market cap of $38.12 billion, a price-to-earnings ratio of 23.50 and a beta of 1.06. The company has a 50 day moving average price of $95.91 and a 200-day moving average price of $97.15. Otis Worldwide Co. has a 1-year low of $87.57 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.57% and a net margin of 11.53%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on OTIS. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday. Barclays reduced their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company reduced 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. Wolfe Research lowered 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 research report on Thursday, December 12th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $102.88.

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.