Keybank National Association OH Decreases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Keybank National Association OH reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 2.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 59,218 shares of the company’s stock after selling 1,771 shares during the period. Keybank National Association OH’s holdings in Otis Worldwide were worth $5,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in OTIS. Intact Investment Management Inc. bought a new position in shares of Otis Worldwide in the third quarter worth $72,000. QRG Capital Management Inc. boosted its holdings in shares of Otis Worldwide by 7.8% in the third quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock worth $4,255,000 after acquiring an additional 2,958 shares during the period. Crestwood Advisors Group LLC boosted its holdings in shares of Otis Worldwide by 11.2% in the third quarter. Crestwood Advisors Group LLC now owns 2,701 shares of the company’s stock worth $281,000 after acquiring an additional 273 shares during the period. Radnor Capital Management LLC boosted its holdings in shares of Otis Worldwide by 4.9% in the third quarter. Radnor Capital Management LLC now owns 4,776 shares of the company’s stock worth $496,000 after acquiring an additional 224 shares during the period. Finally, Maia Wealth LLC bought a new position in shares of Otis Worldwide in the third quarter worth $47,000. 88.03% of the stock is owned by institutional investors.

Insider Transactions at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % 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 business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 105,621 shares of company stock worth $10,046,255. Company insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on OTIS. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Finally, Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Up 1.9 %

NYSE OTIS opened at $101.47 on Thursday. The stock’s 50-day simple moving average is $95.50 and its two-hundred day simple moving average is $97.67. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The company has a market capitalization of $40.23 billion, a price-to-earnings ratio of 24.99 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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.