Amalgamated Bank Has $7.31 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Amalgamated Bank trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,905 shares of the company’s stock after selling 2,083 shares during the quarter. Amalgamated Bank’s holdings in Otis Worldwide were worth $7,307,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC grew its holdings in Otis Worldwide by 11,799.4% during the 3rd quarter. International Assets Investment Management LLC now owns 207,168 shares of the company’s stock worth $21,533,000 after acquiring an additional 205,427 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Otis Worldwide during the third quarter worth $260,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Otis Worldwide by 3.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 26,576 shares of the company’s stock worth $2,762,000 after purchasing an additional 810 shares during the last quarter. J.W. Cole Advisors Inc. grew its stake in shares of Otis Worldwide by 11.6% in the third quarter. J.W. Cole Advisors Inc. now owns 7,142 shares of the company’s stock worth $742,000 after purchasing an additional 744 shares during the last quarter. Finally, Boston Financial Mangement LLC increased its holdings in Otis Worldwide by 9.3% in the third quarter. Boston Financial Mangement LLC now owns 23,552 shares of the company’s stock valued at $2,448,000 after purchasing an additional 2,008 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 105,621 shares of company stock valued at $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $98.63 on Thursday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33. The stock’s 50 day simple moving average is $94.87 and its 200 day simple moving average is $97.41. The company has a market cap of $39.11 billion, a P/E ratio of 24.29 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 net margin of 11.53% and a negative return on equity of 31.76%. Equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Wall Street Analysts Forecast Growth

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

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.