Hartford Financial Management Inc. Has $1.11 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Hartford Financial Management Inc. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 11,996 shares of the company’s stock after selling 500 shares during the period. Hartford Financial Management Inc.’s holdings in Otis Worldwide were worth $1,111,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth about $29,000. Fortitude Family Office LLC grew its stake 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 bought a new position in Otis Worldwide in the 3rd quarter valued at about $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $95.39 on Friday. The business has a 50 day moving average of $96.02 and a 200-day moving average of $97.18. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The company has a market capitalization of $38.11 billion, a P/E ratio of 23.50 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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 net margin of 11.53% and a negative return on equity of 31.57%. Equities analysts anticipate that Otis Worldwide Co. will post 4.02 EPS for the current year.

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board 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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Insider Buying and Selling

In related 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 at the SEC website. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

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

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.