Birch Hill Investment Advisors LLC Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Birch Hill Investment Advisors LLC lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,625 shares of the company’s stock after selling 162 shares during the quarter. Birch Hill Investment Advisors LLC’s holdings in Otis Worldwide were worth $891,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted 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 valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Geode Capital Management LLC boosted its position 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 valued at $1,146,045,000 after buying an additional 152,072 shares during the period. Franklin Resources Inc. grew 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 acquiring an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after acquiring an additional 229,523 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $94.83 on Friday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The business has a fifty day moving average price of $95.14 and a 200-day moving average price of $97.00. The stock has a market capitalization of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

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

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated 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 owns 169 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,481 shares of company stock worth $7,159,509. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, 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 research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $102.88.

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.