Vinva Investment Management Ltd Sells 3,639 Shares of Otis Worldwide Co. (NYSE:OTIS)

Vinva Investment Management Ltd trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 28.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,062 shares of the company’s stock after selling 3,639 shares during the period. Vinva Investment Management Ltd’s holdings in Otis Worldwide were worth $839,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OTIS. Xponance Inc. raised its position in shares of Otis Worldwide by 4.1% during the fourth quarter. Xponance Inc. now owns 57,999 shares of the company’s stock valued at $5,371,000 after buying an additional 2,307 shares during the last quarter. Generali Asset Management SPA SGR acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $1,505,000. Custos Family Office LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $233,000. Mystic Asset Management Inc. acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $382,000. Finally, Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction that occurred on 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 directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 over the last three months. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on OTIS. Barclays dropped their price target on shares of 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 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 report on Thursday, December 12th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Two research 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, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Down 0.8 %

NYSE OTIS opened at $101.90 on Friday. The firm has a market cap of $40.40 billion, a price-to-earnings ratio of 25.10 and a beta of 1.05. The company has a 50 day moving average of $97.52 and a 200-day moving average of $98.27. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83.

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

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio (DPR) 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.