Lincoln Capital LLC Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

Lincoln Capital LLC decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 75,894 shares of the company’s stock after selling 212 shares during the period. Otis Worldwide accounts for about 1.5% of Lincoln Capital LLC’s portfolio, making the stock its 17th largest position. Lincoln Capital LLC’s holdings in Otis Worldwide were worth $7,029,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the third quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide during the third quarter valued at about $29,000. Fortitude Family Office LLC boosted its holdings in shares of Otis Worldwide by 485.5% in 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 in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.7 %

Shares of NYSE OTIS opened at $94.76 on Monday. Otis Worldwide Co. has a 52 week low of $85.61 and a 52 week high of $106.33. The business’s 50 day moving average price is $96.80 and its 200 day moving average price is $97.28. The firm has a market cap of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company earned $0.95 earnings per share. The firm’s revenue was up .7% on a year-over-year basis. As a group, research analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

Otis Worldwide declared that its board has authorized a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently commented on OTIS shares. 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 for the company. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by corporate 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.