Cypress Capital Group Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Cypress Capital Group trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 29.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,058 shares of the company’s stock after selling 2,515 shares during the quarter. Cypress Capital Group’s holdings in Otis Worldwide were worth $561,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the period. Canoe Financial LP increased its position in shares of Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after acquiring an additional 904,157 shares during the period. National Bank of Canada FI increased its position in shares of Otis Worldwide by 274.2% during the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after acquiring an additional 391,206 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 1.9 %

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

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%. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

Insider Transactions 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 transaction 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. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,621 shares of company stock worth $10,046,255. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on OTIS. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. JPMorgan Chase & Co. dropped 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 note on Thursday, January 30th. Barclays dropped 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. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price 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.