OLD National Bancorp IN Sells 267 Shares of Otis Worldwide Co. (NYSE:OTIS)

OLD National Bancorp IN decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 7.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,301 shares of the company’s stock after selling 267 shares during the quarter. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $306,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Riverview Trust Co bought a new position in Otis Worldwide during the third quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC boosted its position in shares of 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 in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in Otis Worldwide during the third quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.1 %

Shares of Otis Worldwide stock opened at $95.43 on Monday. The company has a market cap of $38.12 billion, a PE ratio of 23.50 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $87.57 and a 52 week high of $106.33. The business has a 50 day moving average price of $95.91 and a 200-day moving average price of $97.12.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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 31.57%. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.02 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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

Analyst Ratings Changes

A number of equities analysts have issued reports on OTIS shares. 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 report on Thursday, December 12th. Barclays decreased their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. cut 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 report on Thursday. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. Finally, UBS Group started coverage on Otis Worldwide in a 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 issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.88.

Insiders Place Their Bets

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 value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

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.