Equitable Trust Co. Has $18.49 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Equitable Trust Co. lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.8% during the 4th quarter, HoldingsChannel reports. The fund owned 199,653 shares of the company’s stock after selling 24,093 shares during the quarter. Otis Worldwide accounts for about 1.0% of Equitable Trust Co.’s investment portfolio, making the stock its 21st largest holding. Equitable Trust Co.’s holdings in Otis Worldwide were worth $18,490,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Riverview Trust Co acquired a new position in Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC raised its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price target 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. Wolfe Research lowered 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, Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $94.83 on Monday. The company has a market cap of $37.60 billion, a PE ratio of 23.36 and a beta of 1.06. 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 simple moving average of $95.14 and a 200 day simple moving average of $97.04.

Otis Worldwide (NYSE:OTIS) 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%. On average, research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide announced that its board has authorized a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,481 shares of company stock worth $7,159,509 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

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.