New York State Teachers Retirement System Sells 13,384 Shares of Otis Worldwide Co. (NYSE:OTIS)

New York State Teachers Retirement System trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 4.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 304,303 shares of the company’s stock after selling 13,384 shares during the period. New York State Teachers Retirement System’s holdings in Otis Worldwide were worth $28,182,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $29,000. Fortitude Family Office LLC boosted its stake 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 purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % 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 hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at $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. Insiders have sold 105,621 shares of company stock valued at $10,046,255 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

NYSE:OTIS opened at $96.77 on Friday. The business’s 50-day simple moving average is $94.77 and its 200-day simple moving average is $97.14. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33. The stock has a market capitalization of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The company also recently announced 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 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Analyst Ratings Changes

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

Otis Worldwide Company Profile

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.