2 weeks Ago By ABMN Staff
Summit Investment Advisors Inc. trimmed its stake in Otis Worldwide Co. ( NYSE:OTIS – Free Report ) by 4.
1% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,892 shares of the company’s stock after selling 165 shares during the period.
Summit Investment Advisors Inc.’s holdings in Otis Worldwide were worth $360,000 at the end of the most recent quarter. Several other large investors have also recently made changes to their positions in OTIS.
M&T Bank Corp lifted its stake in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares in the last quarter.
PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 4.2% during the 4th quarter.
PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after acquiring an additional 121,322 shares during the period. JPMorgan Chase & Co.
grew its position 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 acquiring an additional 8,161,946 shares in the last quarter. SVB Wealth LLC purchased a new stake in Otis Worldwide during the fourth quarter worth about $337,000. Finally, Charles Schwab Investment Management Inc.
lifted its position in shares of Otis Worldwide by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc.
now owns 2,304,482 shares of the company’s stock worth $213,418,000 after purchasing an additional 67,937 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Otis Worldwide Stock Performance NYSE:OTIS opened at $98.53 on Monday. Otis Worldwide Co.
has a 1 year low of $89.70 and a 1 year high of $106.83.
The stock has a market cap of $39.07 billion, a P/E ratio of 24.27 and a beta of 1.
00. The stock has a 50-day simple moving average of $99.30 and a 200-day simple moving average of $98.
53. Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares.
This buyback authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Otis Worldwide Announces Dividend The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share.
The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.
58%. Otis Worldwide’s dividend payout ratio is currently 38.42%.
Insider Activity at Otis Worldwide In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.
00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30.
The trade was a 9.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link .
Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $23,213,814.03.
This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here .
Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last ninety days. Insiders own 0.23% of the company’s stock.
Analyst Ratings Changes Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their target price 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. Wells Fargo & Company reduced their price objective on 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. Finally, Barclays boosted their target price on Otis Worldwide from $91.
00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock.
According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $100.88. Get Our Latest Report on OTIS Otis Worldwide Company Profile ( Free Report ) 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. Recommended Stories Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.
com to get the latest 13F filings and insider trades for Otis Worldwide Co. ( NYSE:OTIS – Free Report ). Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.
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