Amica Retiree Medical Trust Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Amica Retiree Medical Trust cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 8.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,594 shares of the company’s stock after selling 745 shares during the quarter. Amica Retiree Medical Trust’s holdings in Otis Worldwide were worth $796,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. M&T Bank Corp boosted its holdings in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares during the period. Daiwa Securities Group Inc. boosted its stake 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 buying an additional 4,918 shares during the period. PineStone Asset Management Inc. increased its stake in Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after acquiring an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 41.0% in the 3rd 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 in the last quarter. Finally, SVB Wealth LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at about $337,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OTIS. Barclays upped their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. Wells Fargo & Company decreased their price target on shares of 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. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report 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 report on Thursday, December 12th. 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. According to MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Trading Up 1.3 %

Shares of OTIS opened at $102.73 on Thursday. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The firm has a market capitalization of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05. The firm’s 50-day moving average price is $98.34 and its 200-day moving average price is $98.53.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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%. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its board has approved a share buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide 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 $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last three months. 0.23% of the stock is currently 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.