Mcdonald Partners LLC Has $276,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Mcdonald Partners LLC reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,977 shares of the company’s stock after selling 174 shares during the quarter. Mcdonald Partners LLC’s holdings in Otis Worldwide were worth $276,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Resonant Capital Advisors LLC grew its position in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares during the period. Optas LLC grew its position in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares during the period. Rehmann Capital Advisory Group grew its position in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after buying an additional 122 shares during the period. PFG Investments LLC grew its position in shares of Otis Worldwide by 4.1% during the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after buying an additional 131 shares during the period. Finally, Groupama Asset Managment grew its position in shares of Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after purchasing an additional 132 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.8 %

NYSE:OTIS opened at $97.56 on Wednesday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The company has a market cap of $38.68 billion, a P/E ratio of 24.03 and a beta of 1.06. The business has a 50 day moving average price of $94.64 and a two-hundred day moving average price of $97.20.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized 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 buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management 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 paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company decreased their price objective on 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. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Barclays decreased 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. Finally, Wolfe Research downgraded 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. Two 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 MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.