Bradley Foster & Sargent Inc. CT Sells 626 Shares of Otis Worldwide Co. (NYSE:OTIS)

Bradley Foster & Sargent Inc. CT reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,643 shares of the company’s stock after selling 626 shares during the quarter. Bradley Foster & Sargent Inc. CT’s holdings in Otis Worldwide were worth $5,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the third quarter valued at $29,000. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at about $33,000. Capital Performance Advisors LLP bought a new stake in shares of Otis Worldwide in the third quarter worth about $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth about $34,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Barclays reduced their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of 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. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Trading Down 0.6 %

Otis Worldwide stock opened at $98.44 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The firm has a 50-day moving average price of $94.65 and a 200-day moving average price of $97.25. The firm has a market capitalization of $39.03 billion, a PE ratio of 24.25 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its board has initiated a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were 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 in the company, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $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 a total of 105,621 shares of company stock worth $10,046,255 over the last quarter. Company insiders own 0.23% of the company’s stock.

Otis Worldwide 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.