New York State Common Retirement Fund Has $30.36 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

New York State Common Retirement Fund decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 327,808 shares of the company’s stock after selling 21,000 shares during the period. New York State Common Retirement Fund’s holdings in Otis Worldwide were worth $30,358,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in OTIS. Blue Trust Inc. lifted its stake in Otis Worldwide by 132.6% in the third quarter. Blue Trust Inc. now owns 3,107 shares of the company’s stock valued at $299,000 after buying an additional 1,771 shares during the period. Sequoia Financial Advisors LLC increased its holdings in shares of Otis Worldwide by 21.0% in the third quarter. Sequoia Financial Advisors LLC now owns 11,426 shares of the company’s stock worth $1,188,000 after acquiring an additional 1,981 shares in the last quarter. Eastern Bank bought a new stake in shares of Otis Worldwide in the third quarter worth about $779,000. International Assets Investment Management LLC increased its holdings in shares of Otis Worldwide by 11,799.4% in the third quarter. International Assets Investment Management LLC now owns 207,168 shares of the company’s stock worth $21,533,000 after acquiring an additional 205,427 shares in the last quarter. Finally, Grimes & Company Inc. increased its holdings in shares of Otis Worldwide by 7.9% in the third quarter. Grimes & Company Inc. now owns 5,633 shares of the company’s stock worth $585,000 after acquiring an additional 413 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,621 shares of company stock valued at $10,046,255. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OTIS. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, Wolfe Research downgraded 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 issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $99.02 on Friday. The company has a market cap of $39.26 billion, a PE ratio of 24.39 and a beta of 1.06. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33. The stock has a 50-day simple moving average of $94.64 and a 200 day simple moving average of $97.22.

Otis Worldwide (NYSE:OTIS) last posted 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%. On average, research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has initiated a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.