Kentucky Retirement Systems Sells 379 Shares of Otis Worldwide Co. (NYSE:OTIS)

Kentucky Retirement Systems reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,526 shares of the company’s stock after selling 379 shares during the period. Kentucky Retirement Systems’ holdings in Otis Worldwide were worth $2,549,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $34,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $36,000. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a 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 on the stock in a report on Thursday, January 30th. Finally, UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $98.44 on Friday. The stock’s fifty day simple moving average is $94.65 and its 200 day simple moving average is $97.28. The firm has a market cap of $39.03 billion, a price-to-earnings ratio of 24.25 and a beta of 1.06. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.58%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its board has authorized a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback 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.