Securian Asset Management Inc. Sells 684 Shares of Otis Worldwide Co. (NYSE:OTIS)

Securian Asset Management Inc. lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,469 shares of the company’s stock after selling 684 shares during the quarter. Securian Asset Management Inc.’s holdings in Otis Worldwide were worth $1,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares in the last quarter. Canoe Financial LP raised its holdings in Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after acquiring an additional 904,157 shares during the last quarter. National Bank of Canada FI raised its holdings in Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company lowered their target price on shares of 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, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Down 0.5 %

Otis Worldwide stock opened at $99.44 on Friday. The business has a 50-day simple moving average of $96.57 and a two-hundred day simple moving average of $97.99. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The company has a market cap of $39.43 billion, a P/E ratio of 24.49 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm’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 sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company’s stock.

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.