Clifford Swan Investment Counsel LLC Has $4.07 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Clifford Swan Investment Counsel LLC decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 43,940 shares of the company’s stock after selling 646 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Otis Worldwide were worth $4,069,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC boosted its stake in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $33,000. Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide 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 completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $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 is available at this link. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of 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. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 over the last three months. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

OTIS opened at $99.78 on Friday. The business has a 50 day moving average price of $95.10 and a 200 day moving average price of $97.50. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The firm has a market cap of $39.56 billion, a P/E ratio of 24.58 and a beta of 1.06.

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%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has initiated a stock buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership 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. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.56%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Wells Fargo & Company decreased 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 note on Thursday, January 30th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus 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.