Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Windward Capital Management Co. CA

Windward Capital Management Co. CA trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,442 shares of the company’s stock after selling 681 shares during the quarter. Windward Capital Management Co. CA’s holdings in Otis Worldwide were worth $7,264,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Riverview Trust Co purchased a new position in Otis Worldwide during the third quarter worth about $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC lifted 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 during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide in the third quarter valued at approximately $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Abbe Luersman sold 9,000 shares of the company’s 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 transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $94.50 on Wednesday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The stock has a market cap of $37.75 billion, a price-to-earnings ratio of 23.28 and a beta of 1.06. The firm has a 50 day simple moving average of $95.60 and a 200-day simple moving average of $97.07.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, equities analysts expect that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has initiated a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a 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 downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned 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.

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.