Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Donaldson Capital Management LLC

Donaldson Capital Management LLC lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 17.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,646 shares of the company’s stock after selling 562 shares during the period. Donaldson Capital Management LLC’s holdings in Otis Worldwide were worth $245,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of OTIS. M&T Bank Corp boosted its position in Otis Worldwide by 11.2% in the 3rd 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. Daiwa Securities Group Inc. lifted its stake in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after purchasing an additional 4,918 shares during the period. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after buying an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its holdings in Otis Worldwide by 297.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after buying an additional 9,979 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last ninety days. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. 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 research note on Thursday, January 30th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. 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 note on Thursday, December 12th. Finally, UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two equities research 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’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $102.88.

Otis Worldwide Stock Performance

NYSE OTIS opened at $101.17 on Wednesday. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The business has a fifty day moving average price of $96.28 and a 200 day moving average price of $97.97. The company has a market cap of $40.12 billion, a P/E ratio of 24.92 and a beta of 1.05.

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

Otis Worldwide declared that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide 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.