Rovin Capital UT ADV Sells 117 Shares of Otis Worldwide Co. (NYSE:OTIS)

Rovin Capital UT ADV decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.1% in the fourth quarter, Holdings Channel reports. The fund owned 2,709 shares of the company’s stock after selling 117 shares during the quarter. Rovin Capital UT ADV’s holdings in Otis Worldwide were worth $251,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC boosted its stake in 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 buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Otis Worldwide during the third quarter valued at $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.0 %

Shares of NYSE OTIS opened at $93.19 on Friday. Otis Worldwide Co. has a twelve month low of $85.42 and a twelve month high of $106.33. The business has a fifty day simple moving average of $97.06 and a two-hundred day simple moving average of $97.30. The firm has a market cap of $37.22 billion, a PE ratio of 23.24 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s revenue was up .7% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. On average, research analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide declared that its board has initiated a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on OTIS shares. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $103.88.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by 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.