TD Private Client Wealth LLC Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

TD Private Client Wealth LLC lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,394 shares of the company’s stock after selling 432 shares during the quarter. TD Private Client Wealth LLC’s holdings in Otis Worldwide were worth $685,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter valued at approximately $34,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $36,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company dropped 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. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Finally, Barclays dropped 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $102.88.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

NYSE OTIS opened at $100.97 on Monday. The firm has a market cap of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The business’s 50-day moving average price is $97.73 and its 200 day moving average price is $98.36.

Otis Worldwide (NYSE:OTIS) last announced its 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.