Otis Worldwide Co. (NYSE:OTIS) Shares Sold by London Co. of Virginia

London Co. of Virginia lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 0.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 2,243,564 shares of the company’s stock after selling 13,121 shares during the quarter. London Co. of Virginia’s holdings in Otis Worldwide were worth $207,776,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Principal Financial Group Inc. boosted its holdings in Otis Worldwide by 1.3% in the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock valued at $48,960,000 after acquiring an additional 6,261 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 41.0% in 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. Wealth Enhancement Advisory Services LLC boosted its holdings in Otis Worldwide by 4.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,796 shares of the company’s stock valued at $2,574,000 after acquiring an additional 1,220 shares during the last quarter. Graypoint LLC boosted its holdings in Otis Worldwide by 3.7% in the fourth quarter. Graypoint LLC now owns 4,267 shares of the company’s stock valued at $395,000 after acquiring an additional 152 shares during the last quarter. Finally, Czech National Bank boosted its holdings in Otis Worldwide by 6.1% in the fourth quarter. Czech National Bank now owns 86,612 shares of the company’s stock valued at $8,021,000 after acquiring an additional 5,015 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on OTIS shares. Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada cut their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $100.00.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $97.06 on Monday. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market capitalization of $38.31 billion, a PE ratio of 23.91 and a beta of 1.01. The business’s 50-day moving average is $98.52 and its two-hundred day moving average is $97.69.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide’s payout ratio is presently 44.09%.

Otis Worldwide declared that its board 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 repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.