Anchor Capital Advisors LLC Has $8.18 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Anchor Capital Advisors LLC lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,342 shares of the company’s stock after selling 3,579 shares during the quarter. Anchor Capital Advisors LLC’s holdings in Otis Worldwide were worth $8,181,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. QRG Capital Management Inc. raised its stake in Otis Worldwide by 7.7% in the fourth quarter. QRG Capital Management Inc. now owns 44,077 shares of the company’s stock valued at $4,082,000 after buying an additional 3,139 shares during the period. Proficio Capital Partners LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at about $193,000. Oppenheimer & Co. Inc. lifted its stake in shares of Otis Worldwide by 3.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 9,700 shares of the company’s stock worth $898,000 after buying an additional 337 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in Otis Worldwide by 1.7% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 159,600 shares of the company’s stock valued at $14,781,000 after buying an additional 2,600 shares during the last quarter. Finally, DMKC Advisory Services LLC bought a new position in Otis Worldwide in the 4th quarter valued at about $1,863,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OTIS has been the topic of several research reports. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Barclays cut 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. Wolfe Research cut 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note 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 company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Activity

In related news, CEO Judith Fran Marks sold 38,012 shares of the business’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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock valued at $10,046,255 over the last quarter. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Down 0.7 %

NYSE:OTIS opened at $98.06 on Friday. The stock’s 50-day simple moving average is $94.97 and its 200 day simple moving average is $97.42. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The firm has a market capitalization of $38.88 billion, a PE ratio of 24.15 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its 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%. On average, analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

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

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.