Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Choreo LLC

Choreo LLC trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,627 shares of the company’s stock after selling 1,071 shares during the period. Choreo LLC’s holdings in Otis Worldwide were worth $1,632,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Geode Capital Management LLC boosted its stake in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after buying an additional 152,072 shares during the last quarter. Franklin Resources Inc. boosted its stake in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after buying an additional 229,523 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after buying an additional 391,206 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $94.83 on Friday. The company has a market cap of $37.60 billion, a P/E ratio of 23.36 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The business’s 50-day simple moving average is $95.14 and its 200 day simple moving average is $97.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 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%. Analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 75,481 shares of company stock worth $7,159,509. 0.23% of the stock is currently owned by company 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.