Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 9.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 533,573 shares of the company’s stock after selling 56,085 shares during the quarter. Voya Investment Management LLC owned 0.13% of Otis Worldwide worth $49,414,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. boosted its holdings in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Norges Bank acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $649,883,000. Franklin Resources Inc. lifted its position in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Canoe Financial LP boosted its holdings in shares of Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after buying an additional 904,157 shares during the period. Finally, Invesco Ltd. grew its position in Otis Worldwide by 8.1% during the 4th quarter. Invesco Ltd. now owns 4,048,203 shares of the company’s stock worth $374,904,000 after purchasing an additional 302,414 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

NYSE OTIS opened at $92.96 on Friday. The firm has a market cap of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00. The stock’s 50-day moving average is $99.06 and its two-hundred day moving average is $98.31. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. On average, equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.81%. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Barclays decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday. Finally, Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $100.63.

Otis Worldwide 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.