Aviva PLC Sells 79,024 Shares of Otis Worldwide Co. (NYSE:OTIS)

Aviva PLC trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 6.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,101,334 shares of the company’s stock after selling 79,024 shares during the quarter. Aviva PLC owned 0.28% of Otis Worldwide worth $101,995,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. Resona Asset Management Co. Ltd. purchased a new position in shares of Otis Worldwide in the fourth quarter valued at about $10,806,000. First Western Trust Bank increased its holdings in Otis Worldwide by 31.3% during the 4th quarter. First Western Trust Bank now owns 4,950 shares of the company’s stock valued at $458,000 after purchasing an additional 1,180 shares during the period. Prudential PLC raised its position in Otis Worldwide by 89.4% during the 4th quarter. Prudential PLC now owns 13,468 shares of the company’s stock valued at $1,247,000 after purchasing an additional 6,359 shares during the last quarter. Atlas Capital Advisors Inc. grew its position in shares of Otis Worldwide by 9,642.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 1,364 shares of the company’s stock worth $126,000 after buying an additional 1,350 shares during the last quarter. Finally, DF Dent & Co. Inc. grew its position in shares of Otis Worldwide by 2.6% in the 4th quarter. DF Dent & Co. Inc. now owns 8,458 shares of the company’s stock worth $783,000 after buying an additional 217 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS opened at $94.85 on Friday. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The company’s 50-day simple moving average is $99.32 and its 200 day simple moving average is $98.94. The firm has a market capitalization of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00.

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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price target 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, Barclays raised their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $103.00.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on 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 sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by insiders.

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.