Monarch Capital Management Inc. Sells 135 Shares of Otis Worldwide Co. (NYSE:OTIS)

Monarch Capital Management Inc. reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 1.4% during the 4th quarter, Holdings Channel reports. The firm owned 9,752 shares of the company’s stock after selling 135 shares during the period. Monarch Capital Management Inc.’s holdings in Otis Worldwide were worth $903,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Riverview Trust Co acquired a new position in Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC boosted its stake in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Otis Worldwide during the third quarter valued at approximately $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Barclays reduced their price target 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. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research note on Wednesday. Two 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $103.88.

Insiders Place Their Bets

In other Otis Worldwide 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 transaction 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 SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $94.76 on Friday. Otis Worldwide Co. has a fifty-two week low of $85.61 and a fifty-two week high of $106.33. The firm has a market capitalization of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06. The company’s 50-day moving average is $96.80 and its 200-day moving average is $97.27.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm earned $0.95 earnings per share. As a group, analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

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

Otis Worldwide 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.