Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Equitable Trust Co.

Equitable Trust Co. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 10.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 199,653 shares of the company’s stock after selling 24,093 shares during the period. Otis Worldwide makes up approximately 1.0% of Equitable Trust Co.’s investment portfolio, making the stock its 21st largest holding. Equitable Trust Co.’s holdings in Otis Worldwide were worth $18,490,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Resonant Capital Advisors LLC increased its holdings in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after purchasing an additional 105 shares during the period. Optas LLC boosted its stake in Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after buying an additional 118 shares in the last quarter. Rehmann Capital Advisory Group boosted its position 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 valued at $299,000 after purchasing an additional 122 shares during the period. PFG Investments LLC boosted its position in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after purchasing an additional 131 shares during the period. Finally, Groupama Asset Managment boosted its position in Otis Worldwide by 1.4% during 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 period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $94.83 on Monday. The stock’s 50 day simple moving average is $95.14 and its 200 day simple moving average is $97.04. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33. The company has a market capitalization of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. 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. 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. JPMorgan Chase & Co. cut their price target 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. Finally, UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.88.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the business’s 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 directly owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 75,481 shares of company stock valued at $7,159,509 in 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.