Woodstock Corp Sells 137 Shares of Otis Worldwide Co. (NYSE:OTIS)

Woodstock Corp lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.1% during the fourth quarter, HoldingsChannel reports. The firm owned 12,423 shares of the company’s stock after selling 137 shares during the quarter. Woodstock Corp’s holdings in Otis Worldwide were worth $1,150,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in Otis Worldwide by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,523,091 shares of the company’s stock valued at $242,873,000 after acquiring an additional 101,955 shares during the last quarter. Moors & Cabot Inc. lifted its stake in Otis Worldwide by 7.7% in the 2nd quarter. Moors & Cabot Inc. now owns 4,972 shares of the company’s stock valued at $479,000 after purchasing an additional 357 shares during the last quarter. Argent Trust Co grew its holdings in Otis Worldwide by 11.0% during the second quarter. Argent Trust Co now owns 13,505 shares of the company’s stock worth $1,300,000 after purchasing an additional 1,338 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in Otis Worldwide by 2.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 45,432 shares of the company’s stock worth $4,358,000 after purchasing an additional 1,014 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. increased its position in Otis Worldwide by 7.6% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,411 shares of the company’s stock worth $617,000 after buying an additional 453 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $93.19 on Friday. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The company has a market capitalization of $37.22 billion, a PE ratio of 23.24 and a beta of 1.06. The company’s 50-day simple moving average is $96.91 and its 200 day simple moving average is $97.28.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the company earned $0.95 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.67%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OTIS. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. 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 company’s stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $103.88.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.