Banco Santander S.A. Has $7.61 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Banco Santander S.A. cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 82,221 shares of the company’s stock after selling 5,148 shares during the period. Banco Santander S.A.’s holdings in Otis Worldwide were worth $7,614,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. grew its holdings in shares of Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after acquiring an additional 117 shares in the last quarter. Andra AP fonden grew its stake in Otis Worldwide by 52.5% in the fourth quarter. Andra AP fonden now owns 226,034 shares of the company’s stock valued at $20,933,000 after purchasing an additional 77,800 shares in the last quarter. Callan Family Office LLC acquired a new position in Otis Worldwide in the 4th quarter worth about $331,000. Candriam S.C.A. raised its stake in shares of Otis Worldwide by 9.9% during the 4th quarter. Candriam S.C.A. now owns 501,080 shares of the company’s stock worth $46,405,000 after purchasing an additional 44,980 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at about $24,451,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $104.08 on Friday. The stock has a market capitalization of $41.27 billion, a PE ratio of 25.63 and a beta of 1.05. The stock has a 50-day simple moving average of $95.88 and a 200 day simple moving average of $97.82. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its board has authorized a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Barclays cut their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company lowered their target price 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, January 30th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares in the company, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 105,621 shares of company stock worth $10,046,255. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.