Stock Yards Bank & Trust Co. Sells 125 Shares of Otis Worldwide Co. (NYSE:OTIS)

Stock Yards Bank & Trust Co. lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,378 shares of the company’s stock after selling 125 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Otis Worldwide were worth $220,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co bought a new position in Otis Worldwide in the 3rd quarter valued at approximately $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC increased its position in 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 acquiring an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide in the 3rd quarter valued at approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on OTIS shares. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Wolfe Research cut 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 report on Thursday, December 12th. Finally, Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Down 0.1 %

NYSE OTIS opened at $94.50 on Wednesday. The company’s 50 day moving average is $95.60 and its 200-day moving average is $97.07. The firm has a market cap of $37.75 billion, a P/E ratio of 23.28 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last released 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%. Equities analysts expect that Otis Worldwide Co. will post 4.02 EPS for the current year.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed 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 of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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.