Financiere des Professionnels Fonds d investissement inc. Sells 1,051 Shares of Otis Worldwide Co. (NYSE:OTIS)

Financiere des Professionnels Fonds d investissement inc. decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the fourth quarter, HoldingsChannel reports. The firm owned 59,154 shares of the company’s stock after selling 1,051 shares during the quarter. Financiere des Professionnels Fonds d investissement inc.’s holdings in Otis Worldwide were worth $5,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of OTIS. Allworth Financial LP increased its position in Otis Worldwide by 529.2% during the fourth quarter. Allworth Financial LP now owns 28,124 shares of the company’s stock worth $2,683,000 after acquiring an additional 23,654 shares during the period. Seascape Capital Management increased its position in Otis Worldwide by 0.8% during the fourth quarter. Seascape Capital Management now owns 34,130 shares of the company’s stock worth $3,161,000 after acquiring an additional 271 shares during the period. PineStone Asset Management Inc. increased its position in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after acquiring an additional 121,322 shares during the period. Kanawha Capital Management LLC increased its position in Otis Worldwide by 0.7% during the fourth quarter. Kanawha Capital Management LLC now owns 49,320 shares of the company’s stock worth $4,568,000 after acquiring an additional 364 shares during the period. Finally, V Square Quantitative Management LLC increased its position in Otis Worldwide by 15.8% during the fourth quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company’s stock worth $833,000 after acquiring an additional 1,224 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OTIS shares. Barclays dropped their target price 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. JPMorgan Chase & Co. dropped their target price 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. UBS Group assumed 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. Wolfe Research lowered shares of 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. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $96.77 on Monday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33. The company’s fifty day moving average price is $94.77 and its two-hundred day moving average price is $97.16. The firm has a market capitalization of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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%. Analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were 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 owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,621 shares of company stock worth $10,046,255. Corporate insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.