Impax Asset Management Group plc Sells 4,527 Shares of Otis Worldwide Co. (NYSE:OTIS)

Impax Asset Management Group plc lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the 4th quarter, HoldingsChannel reports. The firm owned 106,769 shares of the company’s stock after selling 4,527 shares during the period. Impax Asset Management Group plc’s holdings in Otis Worldwide were worth $9,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of OTIS. JPMorgan Chase & Co. increased its position in 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 acquiring an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. increased its position in Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Van ECK Associates Corp increased its position in Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares during the last quarter. Canoe Financial LP increased its position in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after acquiring an additional 904,157 shares during the last quarter. Finally, National Bank of Canada FI increased its position in Otis Worldwide by 274.2% during the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after acquiring an additional 523,518 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

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

Otis Worldwide Price Performance

NYSE:OTIS opened at $98.67 on Tuesday. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.33. The company has a 50-day moving average of $94.70 and a 200 day moving average of $97.36. The firm has a market cap of $39.12 billion, a PE ratio of 24.30 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction 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 $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock valued at $10,046,255 over the last three months. 0.23% of the stock is owned by company insiders.

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.