American Century Companies Inc. Trims Holdings in Otis Worldwide Co. (NYSE:OTIS)

American Century Companies Inc. trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 36.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 341,387 shares of the company’s stock after selling 194,894 shares during the quarter. American Century Companies Inc. owned about 0.09% of Otis Worldwide worth $31,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. M&T Bank Corp increased its stake in shares of Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. PineStone Asset Management Inc. increased its position in Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after buying an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. SVB Wealth LLC bought a new stake in Otis Worldwide in the fourth quarter worth $337,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after acquiring an additional 67,937 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OTIS shares. Barclays lifted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price target 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. Two 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 stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $103.00.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

Otis Worldwide stock opened at $102.08 on Friday. The business has a 50-day simple moving average of $98.69 and a two-hundred day simple moving average of $98.63. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The company has a market cap of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its 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 31.76%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide declared that its board has authorized a share repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide 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.