Orion Portfolio Solutions LLC Has $4.28 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Orion Portfolio Solutions LLC lessened its position in Otis Worldwide Co. (NYSE:OTIS) by 3.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,183 shares of the company’s stock after selling 1,657 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Otis Worldwide were worth $4,277,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. M&T Bank Corp grew its holdings in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares in the last quarter. PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after purchasing an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. SVB Wealth LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth about $337,000. Finally, Charles Schwab Investment Management Inc. increased its position in Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after buying an additional 67,937 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $102.08 on Monday. The stock has a 50 day simple moving average of $98.69 and a 200-day simple moving average of $98.72. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock has a market cap of $40.48 billion, a PE ratio of 25.14 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, sell-side analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value 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 $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on OTIS. JPMorgan Chase & Co. decreased 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. Barclays lifted their target price on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th. 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 report on Thursday, December 12th. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $103.00.

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.