Nisa Investment Advisors LLC Reduces Stake in Otis Worldwide Co. (NYSE:OTIS)

Nisa Investment Advisors LLC cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,626 shares of the company’s stock after selling 15,633 shares during the period. Nisa Investment Advisors LLC’s holdings in Otis Worldwide were worth $9,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Optas LLC lifted its position in Otis Worldwide by 2.2% in the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares during the last quarter. Rehmann Capital Advisory Group lifted its holdings in shares of Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after acquiring an additional 122 shares during the last quarter. Groupama Asset Managment lifted its holdings 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 worth $980,000 after acquiring an additional 132 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Otis Worldwide by 2.9% during the 4th quarter. UMB Bank n.a. now owns 4,929 shares of the company’s stock worth $456,000 after purchasing an additional 137 shares during the period. Finally, Selway Asset Management raised its position in Otis Worldwide by 0.8% in the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after purchasing an additional 150 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on OTIS shares. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Performance

NYSE OTIS opened at $96.28 on Friday. Otis Worldwide Co. has a one year low of $87.57 and a one year high of $106.33. The company has a market capitalization of $38.46 billion, a price-to-earnings ratio of 24.01 and a beta of 1.06. The company’s 50-day simple moving average is $96.41 and its two-hundred day simple moving average is $97.25.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.95 earnings per share. Equities analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

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.