Voya Investment Management LLC Sells 56,085 Shares of Otis Worldwide Co. (NYSE:OTIS)

Voya Investment Management LLC trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 533,573 shares of the company’s stock after selling 56,085 shares during the period. Voya Investment Management LLC’s holdings in Otis Worldwide were worth $49,414,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% in the 3rd 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 in the last quarter. SVB Wealth LLC bought a new stake in Otis Worldwide in the fourth quarter valued at $337,000. Charles Schwab Investment Management Inc. grew its position in 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 valued at $213,418,000 after acquiring an additional 67,937 shares during the period. Finally, Clarkston Capital Partners LLC acquired a new position in Otis Worldwide during the fourth quarter worth $8,743,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

OTIS opened at $92.96 on Friday. The company’s 50 day simple moving average is $99.06 and its 200-day simple moving average is $98.31. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The stock has a market capitalization of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. 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 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is 44.09%.

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

Analyst Ratings Changes

OTIS has been the topic of several analyst reports. Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $100.63.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is owned by company insiders.

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.