State of Tennessee Department of Treasury Has $6.65 Million Position in Otis Worldwide Co. (NYSE:OTIS)

State of Tennessee Department of Treasury lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.2% in the 4th quarter, HoldingsChannel reports. The firm owned 71,761 shares of the company’s stock after selling 3,933 shares during the period. State of Tennessee Department of Treasury’s holdings in Otis Worldwide were worth $6,646,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide during the 4th quarter worth approximately $28,000. Fortitude Family Office LLC boosted its holdings 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 acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at $33,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent research reports. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. Barclays lifted their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $100.88.

Otis Worldwide Stock Performance

NYSE OTIS opened at $92.76 on Friday. The company has a 50-day simple moving average of $99.15 and a 200 day simple moving average of $98.36. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a market capitalization of $36.78 billion, a PE ratio of 22.85 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has initiated a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase 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 stock is undervalued.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a $0.42 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.81%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is 44.09%.

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.