Mitsubishi UFJ Trust & Banking Corp Sells 101,424 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mitsubishi UFJ Trust & Banking Corp trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 27.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 266,506 shares of the company’s stock after selling 101,424 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Otis Worldwide were worth $24,681,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% in 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 in the last quarter. Truvestments Capital LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $36,000. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Stock Performance

NYSE:OTIS opened at $103.06 on Friday. The company has a market cap of $40.87 billion, a price-to-earnings ratio of 25.38 and a beta of 1.05. The stock’s fifty day moving average price is $98.54 and its two-hundred day moving average price is $98.56. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83.

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%. On average, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide declared that its board has authorized a stock 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 reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is owned by company insiders.

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.