State of Michigan Retirement System Has $10.04 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

State of Michigan Retirement System trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 108,407 shares of the company’s stock after selling 700 shares during the period. State of Michigan Retirement System’s holdings in Otis Worldwide were worth $10,040,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Intact Investment Management Inc. bought a new position in shares of Otis Worldwide during the third quarter worth about $72,000. QRG Capital Management Inc. increased its position in Otis Worldwide by 7.8% during the 3rd quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock valued at $4,255,000 after purchasing an additional 2,958 shares during the period. Crestwood Advisors Group LLC raised its holdings in Otis Worldwide by 11.2% during the 3rd quarter. Crestwood Advisors Group LLC now owns 2,701 shares of the company’s stock worth $281,000 after purchasing an additional 273 shares during the last quarter. Radnor Capital Management LLC boosted its stake in shares of Otis Worldwide by 4.9% in the 3rd quarter. Radnor Capital Management LLC now owns 4,776 shares of the company’s stock valued at $496,000 after purchasing an additional 224 shares during the last quarter. Finally, Maia Wealth LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at $47,000. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. 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 report on Thursday, January 30th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Two investment 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Up 1.9 %

Shares of NYSE:OTIS opened at $101.47 on Thursday. The stock’s 50 day moving average is $95.50 and its 200-day moving average is $97.67. The firm has a market capitalization of $40.23 billion, a price-to-earnings ratio of 24.99 and a beta of 1.05. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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%. Equities research analysts anticipate that Otis Worldwide Co. will post 4.04 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. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock worth $10,046,255 in the last quarter. 0.23% of the stock is currently owned by company insiders.

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.