Haverford Trust Co Lowers Stake in Otis Worldwide Co. (NYSE:OTIS)

Haverford Trust Co trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,178 shares of the company’s stock after selling 150 shares during the period. Haverford Trust Co’s holdings in Otis Worldwide were worth $202,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Resonant Capital Advisors LLC increased its stake in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after buying an additional 105 shares during the period. Montis Financial LLC increased its stake in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after acquiring an additional 110 shares during the period. Dorsey & Whitney Trust CO LLC raised its holdings in Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its position in Otis Worldwide by 1.8% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after purchasing an additional 117 shares during the period. Finally, Rehmann Capital Advisory Group boosted its holdings in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after purchasing an additional 122 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of the business’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 $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last three months. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $101.38 on Wednesday. The company’s 50-day moving average price is $98.13 and its 200 day moving average price is $98.50. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The stock has a market cap of $40.20 billion, a price-to-earnings ratio of 24.97 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has authorized a share 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 buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent analyst reports. 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 report on Thursday, December 12th. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Barclays cut their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.