Corebridge Financial Inc. Has $8.76 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Corebridge Financial Inc. trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% during the 4th quarter, HoldingsChannel reports. The firm owned 94,582 shares of the company’s stock after selling 5,911 shares during the quarter. Corebridge Financial Inc.’s holdings in Otis Worldwide were worth $8,759,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Fortitude Family Office LLC grew its holdings 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 valued at $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $33,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $34,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide in the third quarter worth approximately $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of the 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 sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on OTIS. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Finally, Barclays raised their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Stock Up 0.4 %

Shares of Otis Worldwide stock opened at $103.06 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The stock has a 50 day moving average price of $98.54 and a two-hundred day moving average price of $98.56. The stock has a market capitalization of $40.87 billion, a P/E ratio of 25.38 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

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.