Pacer Advisors Inc. Sells 8,116 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pacer Advisors Inc. decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,328 shares of the company’s stock after selling 8,116 shares during the quarter. Pacer Advisors Inc.’s holdings in Otis Worldwide were worth $5,865,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OTIS. Riverview Trust Co purchased a new stake in Otis Worldwide in the 3rd quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the third quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC raised its stake in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the 3rd quarter worth approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Down 1.2 %

Shares of NYSE OTIS opened at $94.75 on Thursday. The stock has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $87.57 and a 12-month high of $106.33. The firm’s 50-day moving average price is $96.12 and its 200-day moving average price is $97.19.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. On average, equities analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company cut 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 research note on Tuesday, January 7th. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Finally, Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Company 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.