Ensign Peak Advisors Inc Sells 48,736 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ensign Peak Advisors Inc lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 22.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 172,971 shares of the company’s stock after selling 48,736 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Otis Worldwide were worth $16,019,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in OTIS. Transce3nd LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Finally, Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $97.06 on Monday. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The company has a market cap of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01. The firm’s fifty day moving average price is $98.52 and its two-hundred day moving average price is $97.69.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the company posted $0.88 earnings per share. Otis Worldwide’s revenue was down 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared 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 an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. Otis Worldwide’s dividend payout ratio is 44.09%.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently weighed in on OTIS. Royal Bank of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $100.00.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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.