Busey Bank Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

Busey Bank cut its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,264 shares of the company’s stock after selling 687 shares during the quarter. Busey Bank’s holdings in Otis Worldwide were worth $395,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth about $25,000. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide during the third quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC increased its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter valued at approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $95.39 on Friday. Otis Worldwide Co. has a 1-year low of $87.57 and a 1-year high of $106.33. The stock has a market capitalization of $38.11 billion, a price-to-earnings ratio of 23.50 and a beta of 1.06. The business’s fifty day moving average price is $96.02 and its 200-day moving average price is $97.18.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.57% and a net margin of 11.53%. Equities research analysts anticipate that Otis Worldwide Co. will post 4.02 EPS for the current year.

Otis Worldwide announced that its board has approved a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Insider Transactions at Otis Worldwide

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

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday. Finally, UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $102.88.

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.