Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 2,260 Shares of Otis Worldwide Co. (NYSE:OTIS)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the 4th quarter, Holdings Channel reports. The firm owned 84,937 shares of the company’s stock after selling 2,260 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Otis Worldwide were worth $7,866,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fortitude Family Office LLC grew its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Truvestments Capital LLC bought a new position in Otis Worldwide in the third quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter worth approximately $33,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide in the fourth quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $34,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OTIS. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. 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. Finally, Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $100.97 on Friday. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The stock has a fifty day moving average price of $97.73 and a 200-day moving average price of $98.31. The firm has a market cap of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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%. As a group, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was 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 trade represents a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction 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 completion of 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 sold 112,281 shares of company stock worth $10,747,553 in the last 90 days. Insiders own 0.23% of the company’s stock.

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.