Korea Investment CORP Sells 35,968 Shares of Otis Worldwide Co. (NYSE:OTIS)

Korea Investment CORP cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 270,723 shares of the company’s stock after selling 35,968 shares during the quarter. Korea Investment CORP owned approximately 0.07% of Otis Worldwide worth $25,072,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Fortitude Family Office LLC increased its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter valued at about $34,000. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $34,000. Finally, OFI Invest Asset Management purchased a new stake in Otis Worldwide during the fourth quarter worth $37,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. dropped their price objective 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 reduced their price objective on shares of 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. Barclays increased their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two equities research 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $103.00.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $102.08 on Friday. The company has a market capitalization of $40.48 billion, a PE ratio of 25.14 and a beta of 1.05. The company’s fifty day moving average price is $98.69 and its 200 day moving average price is $98.63. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its board has authorized a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

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.