Mitchell Mcleod Pugh & Williams Inc. Sells 207 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mitchell Mcleod Pugh & Williams Inc. cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,902 shares of the company’s stock after selling 207 shares during the period. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Otis Worldwide were worth $269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the company. Riverview Trust Co bought a new position in Otis Worldwide in the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the 3rd quarter worth $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC increased its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide in the third quarter valued at about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays decreased their target price 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 lowered their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note 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 research report on Thursday, December 12th. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide Stock Performance

OTIS opened at $94.76 on Tuesday. The business’s 50-day simple moving average is $96.80 and its 200 day simple moving average is $97.29. Otis Worldwide Co. has a 52-week low of $85.61 and a 52-week high of $106.33. The firm has a market capitalization of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. On average, research analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has approved a share buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is presently 38.90%.

About Otis Worldwide

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.