Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Decreased by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 99.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 17,080 shares of the company’s stock after selling 1,946,740 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Otis Worldwide were worth $1,582,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. PineStone Asset Management Inc. grew its position in shares of Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at about $337,000. Clarkston Capital Partners LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Otis Worldwide by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock valued at $213,418,000 after buying an additional 67,937 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Friday, April 25th. Finally, Royal Bank of Canada reduced their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $98.86.

Otis Worldwide Stock Up 1.9%

Otis Worldwide stock opened at $97.82 on Friday. The firm has a 50-day moving average price of $98.06 and a two-hundred day moving average price of $97.62. The firm has a market capitalization of $38.61 billion, a price-to-earnings ratio of 24.09 and a beta of 1.01. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

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

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

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a $0.42 dividend. 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 dividend yield of 1.72%. The ex-dividend date is Friday, May 16th. Otis Worldwide’s dividend payout ratio is currently 44.09%.

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.