Yousif Capital Management LLC Cuts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Yousif Capital Management LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,643 shares of the company’s stock after selling 2,281 shares during the quarter. Yousif Capital Management LLC’s holdings in Otis Worldwide were worth $5,616,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in OTIS. Riverview Trust Co bought a new position in Otis Worldwide during the third quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC raised its holdings 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 purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in Otis Worldwide during the third quarter valued at $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,481 shares of company stock worth $7,159,509. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Barclays cut their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price target 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, January 30th. Finally, Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Up 1.4 %

Otis Worldwide stock opened at $95.91 on Friday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The firm has a market capitalization of $38.31 billion, a PE ratio of 23.62 and a beta of 1.06. The firm’s 50 day simple moving average is $95.31 and its 200 day simple moving average is $97.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 negative return on equity of 31.76% and a net margin of 11.53%. Research analysts forecast that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

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.