Sequoia Financial Advisors LLC Trims Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Sequoia Financial Advisors LLC lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 9,217 shares of the company’s stock after selling 2,209 shares during the period. Sequoia Financial Advisors LLC’s holdings in Otis Worldwide were worth $854,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% during the 3rd 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 last quarter. Geode Capital Management LLC raised its stake in shares of Otis Worldwide by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after buying an additional 152,072 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP increased its stake in shares of Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after purchasing an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of 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 purchasing an additional 391,206 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the company’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 value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 in the last ninety days. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OTIS. Barclays cut their price target 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. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Wolfe Research lowered 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. Finally, JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Trading Up 1.1 %

OTIS stock opened at $100.69 on Monday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The stock has a market cap of $39.93 billion, a price-to-earnings ratio of 24.80 and a beta of 1.05. The business’s 50-day moving average is $96.73 and its 200 day moving average is $98.11.

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

Otis Worldwide declared that its board has approved a share 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 repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently announced 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. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 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.