Keybank National Association OH Sells 1,771 Shares of Otis Worldwide Co. (NYSE:OTIS)

Keybank National Association OH decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,218 shares of the company’s stock after selling 1,771 shares during the period. Keybank National Association OH’s holdings in Otis Worldwide were worth $5,484,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Intact Investment Management Inc. bought a new position in Otis Worldwide in the third quarter worth approximately $72,000. QRG Capital Management Inc. boosted its holdings in Otis Worldwide by 7.8% in the third quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock worth $4,255,000 after acquiring an additional 2,958 shares in the last quarter. Crestwood Advisors Group LLC boosted its holdings in Otis Worldwide by 11.2% in the third quarter. Crestwood Advisors Group LLC now owns 2,701 shares of the company’s stock worth $281,000 after acquiring an additional 273 shares in the last quarter. Radnor Capital Management LLC boosted its holdings in Otis Worldwide by 4.9% in the third quarter. Radnor Capital Management LLC now owns 4,776 shares of the company’s stock worth $496,000 after acquiring an additional 224 shares in the last quarter. Finally, Maia Wealth LLC bought a new position in Otis Worldwide in the third quarter worth approximately $47,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.9 %

Shares of OTIS opened at $101.47 on Thursday. The company has a market capitalization of $40.23 billion, a price-to-earnings ratio of 24.99 and a beta of 1.05. The stock has a 50 day moving average of $95.50 and a 200 day moving average of $97.67. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its board has initiated 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 purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, Barclays lowered their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two 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. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus 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.