Boston Partners Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Boston Partners reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 97.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,025 shares of the company’s stock after selling 1,257,261 shares during the quarter. Boston Partners’ holdings in Otis Worldwide were worth $2,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. M&T Bank Corp boosted its holdings in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Otis Worldwide by 11.1% during the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the period. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 4.2% in the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after purchasing an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. grew its position 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 purchasing an additional 8,161,946 shares during the period. Finally, SVB Wealth LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at $337,000. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last 90 days. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of several research analyst reports. Wells Fargo & Company cut their price objective 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. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wolfe Research downgraded shares of 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, Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $100.97 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm has a market capitalization of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05. The firm has a 50 day moving average of $97.73 and a 200 day moving average of $98.31.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) 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%. On average, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s payout ratio is 38.42%.

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.