OLD Second National Bank of Aurora Sells 192 Shares of Otis Worldwide Co. (NYSE:OTIS)

OLD Second National Bank of Aurora cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 27.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 508 shares of the company’s stock after selling 192 shares during the quarter. OLD Second National Bank of Aurora’s holdings in Otis Worldwide were worth $47,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Otis Worldwide in the 3rd quarter worth $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth about $29,000. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth about $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.8 %

Shares of NYSE OTIS opened at $95.39 on Friday. The firm’s 50-day moving average price is $96.02 and its 200-day moving average price is $97.18. The company has a market cap of $38.11 billion, a PE ratio of 23.50 and a beta of 1.06. Otis Worldwide Co. has a 52-week low of $87.57 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.57%. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. Otis Worldwide’s payout ratio is presently 38.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on OTIS shares. Wolfe Research downgraded shares of 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. Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $102.88.

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.