Ensign Peak Advisors Inc Sells 48,736 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ensign Peak Advisors Inc lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 22.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 172,971 shares of the company’s stock after selling 48,736 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Otis Worldwide were worth $16,019,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in OTIS. Resonant Capital Advisors LLC boosted its holdings in Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after purchasing an additional 109 shares during the last quarter. Montis Financial LLC boosted its holdings in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after purchasing an additional 110 shares during the last quarter. AlTi Global Inc. boosted its holdings in Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after purchasing an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its holdings in Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.3%

NYSE OTIS opened at $97.06 on Monday. The company’s 50 day moving average is $98.52 and its 200-day moving average is $97.69. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market cap of $38.31 billion, a P/E ratio of 23.91 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the firm posted $0.88 earnings per share. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

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 of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. 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 announced that its board has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OTIS shares. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Royal Bank of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.00.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by insiders.

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.