Adirondack Trust Co. Has $183,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Adirondack Trust Co. reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 13.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,973 shares of the company’s stock after selling 300 shares during the quarter. Adirondack Trust Co.’s holdings in Otis Worldwide were worth $183,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Optas LLC grew its position in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares during the period. Rehmann Capital Advisory Group grew its holdings in Otis Worldwide by 4.4% during 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 period. Groupama Asset Managment increased its stake in Otis Worldwide by 1.4% in the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after purchasing an additional 132 shares in the last quarter. UMB Bank n.a. raised its holdings in Otis Worldwide by 2.9% in the fourth quarter. UMB Bank n.a. now owns 4,929 shares of the company’s stock worth $456,000 after purchasing an additional 137 shares during the period. Finally, Selway Asset Management boosted its position in shares of Otis Worldwide by 0.8% during the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after purchasing an additional 150 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value 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 represents a 47.39 % 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. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Finally, Wolfe Research downgraded shares of 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. Two investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Down 0.1 %

NYSE OTIS opened at $95.42 on Thursday. Otis Worldwide Co. has a 12-month low of $87.57 and a 12-month high of $106.33. The firm’s 50 day moving average is $96.48 and its 200-day moving average is $97.25. The company has a market capitalization of $38.11 billion, a PE ratio of 23.79 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business 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%. The company’s quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide announced that its board has initiated a stock repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. Otis Worldwide’s dividend payout ratio is 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.