Amalgamated Bank Sells 2,083 Shares of Otis Worldwide Co. (NYSE:OTIS)

Amalgamated Bank reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,905 shares of the company’s stock after selling 2,083 shares during the period. Amalgamated Bank’s holdings in Otis Worldwide were worth $7,307,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of OTIS. Resonant Capital Advisors LLC grew its stake in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after buying an additional 105 shares during the last quarter. Optas LLC boosted its holdings in shares of Otis Worldwide by 2.2% during the third quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares during the period. Rehmann Capital Advisory Group grew its position in shares of Otis Worldwide by 4.4% in the third 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 last quarter. PFG Investments LLC increased its stake in shares of Otis Worldwide by 4.1% during the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after purchasing an additional 131 shares during the period. Finally, Groupama Asset Managment lifted its holdings 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 purchasing an additional 132 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Wells Fargo & Company decreased 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 research note on Thursday, January 30th. Wolfe Research lowered 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 research report on Thursday, December 12th. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $102.88.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated 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 directly owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,621 shares of company stock worth $10,046,255. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 1.4 %

OTIS opened at $98.63 on Thursday. The stock has a market capitalization of $39.11 billion, a price-to-earnings ratio of 24.29 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The company has a 50-day simple moving average of $94.87 and a 200 day simple moving average of $97.41.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

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.