Monterey Private Wealth Inc. Sells 167 Shares of Otis Worldwide Co. (NYSE:OTIS)

Monterey Private Wealth Inc. lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,008 shares of the company’s stock after selling 167 shares during the period. Monterey Private Wealth Inc.’s holdings in Otis Worldwide were worth $371,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter worth $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.7 %

Shares of NYSE OTIS opened at $94.76 on Tuesday. Otis Worldwide Co. has a 12-month low of $85.61 and a 12-month high of $106.33. The firm has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The firm has a 50 day moving average of $96.67 and a 200 day moving average of $97.28.

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

Otis Worldwide declared that its board has authorized a stock buyback program 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 stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on OTIS. Barclays cut their price objective 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. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price target 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. Finally, JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Two equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $103.88.

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.