Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Lincoln Capital LLC

Lincoln Capital LLC cut its position in Otis Worldwide Co. (NYSE:OTIS) by 0.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 75,894 shares of the company’s stock after selling 212 shares during the period. Otis Worldwide makes up 1.5% of Lincoln Capital LLC’s portfolio, making the stock its 17th largest position. Lincoln Capital LLC’s holdings in Otis Worldwide were worth $7,029,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OTIS. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC lifted its position in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the third quarter worth $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent research reports. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Finally, Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $103.88.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $94.76 on Monday. The firm has a 50 day moving average price of $96.80 and a 200 day moving average price of $97.28. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The company has a market capitalization of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide announced that its board has authorized a share buyback program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

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.