Primecap Management Co. CA Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Primecap Management Co. CA lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,809,921 shares of the company’s stock after selling 3,959 shares during the quarter. Primecap Management Co. CA owned about 0.46% of Otis Worldwide worth $167,617,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OTIS. Assetmark Inc. boosted its holdings in Otis Worldwide by 543.2% in the third quarter. Assetmark Inc. now owns 476 shares of the company’s stock worth $49,000 after acquiring an additional 402 shares in the last quarter. Empowered Funds LLC boosted its stake in Otis Worldwide by 10.1% in the 3rd quarter. Empowered Funds LLC now owns 7,286 shares of the company’s stock worth $757,000 after purchasing an additional 668 shares in the last quarter. Thrivent Financial for Lutherans grew its position in Otis Worldwide by 8.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 36,612 shares of the company’s stock worth $3,805,000 after purchasing an additional 2,825 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth approximately $206,000. Finally, Meeder Advisory Services Inc. increased its stake in Otis Worldwide by 4.9% during the 3rd quarter. Meeder Advisory Services Inc. now owns 8,269 shares of the company’s stock valued at $859,000 after purchasing an additional 386 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. 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. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

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

Otis Worldwide Trading Up 0.2 %

Shares of OTIS stock opened at $101.55 on Wednesday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The stock has a market cap of $40.27 billion, a P/E ratio of 25.01 and a beta of 1.05. The stock has a 50 day moving average of $97.10 and a 200 day moving average of $98.21.

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 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%. On average, research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has approved a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Announces Dividend

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

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.