Otis Worldwide Co. (NYSE:OTIS) Stake Cut by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 94,582 shares of the company’s stock after selling 5,911 shares during the period. Corebridge Financial Inc.’s holdings in Otis Worldwide were worth $8,759,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Fortitude Family Office LLC boosted its holdings in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the period. Truvestments Capital LLC acquired a new position in Otis Worldwide in the third quarter valued at approximately $36,000. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $33,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.4 %

Otis Worldwide stock opened at $103.06 on Friday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The stock has a market cap of $40.87 billion, a price-to-earnings ratio of 25.38 and a beta of 1.05. The company’s 50-day moving average price is $98.54 and its two-hundred day moving average price is $98.56.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS 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%. Research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.51%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on OTIS shares. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Barclays upped their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Finally, Wolfe Research lowered 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 research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.00.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at $22,041,752.81. This represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last three months. Company 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.