Grimes & Company Inc. Sells 1,009 Shares of Otis Worldwide Co. (NYSE:OTIS)

Grimes & Company Inc. lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 17.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,624 shares of the company’s stock after selling 1,009 shares during the quarter. Grimes & Company Inc.’s holdings in Otis Worldwide were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Optas LLC grew its position in Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after acquiring an additional 118 shares during the last quarter. Rehmann Capital Advisory Group grew its position in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after acquiring an additional 122 shares during the last quarter. Groupama Asset Managment grew its position in Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after acquiring an additional 132 shares during the last quarter. UMB Bank n.a. grew its position in Otis Worldwide by 2.9% in the 4th quarter. UMB Bank n.a. now owns 4,929 shares of the company’s stock valued at $456,000 after acquiring an additional 137 shares during the last quarter. Finally, Selway Asset Management lifted its holdings in shares of Otis Worldwide by 0.8% in the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after buying an additional 150 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $96.61 on Friday. The stock has a market capitalization of $38.59 billion, a P/E ratio of 24.09 and a beta of 1.06. Otis Worldwide Co. has a 1-year low of $87.57 and a 1-year high of $106.33. The business has a fifty day moving average price of $96.36 and a 200 day moving average price of $97.25.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the business posted $0.95 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide declared that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on OTIS shares. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Finally, Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Two investment 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. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $103.88.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

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.