Cohen Klingenstein LLC Sells 5,807 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cohen Klingenstein LLC lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 19.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,500 shares of the company’s stock after selling 5,807 shares during the quarter. Cohen Klingenstein LLC’s holdings in Otis Worldwide were worth $2,176,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide during the 2nd quarter valued at about $991,000. M&T Bank Corp boosted its stake in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after acquiring an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Finally, Blair William & Co. IL lifted its holdings in shares of Otis Worldwide by 64.7% in the 2nd quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $94.76 on Friday. Otis Worldwide Co. has a one year low of $85.61 and a one year high of $106.33. The company’s fifty day moving average price is $96.80 and its 200-day moving average price is $97.27. The company has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 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). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the company earned $0.95 EPS. The business’s revenue was up .7% on a year-over-year basis. Equities research analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Analyst Ratings Changes

Several research firms have issued reports on OTIS. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 7th. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.88.

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.