Skandinaviska Enskilda Banken AB publ Has $12.53 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Skandinaviska Enskilda Banken AB publ reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 135,386 shares of the company’s stock after selling 562 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Otis Worldwide were worth $12,533,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC raised its holdings in shares of 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 buying an additional 267 shares in the last quarter. Truvestments Capital LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth $36,000. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at about $33,000. Finally, Golden State Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at about $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $100.69 on Friday. The firm has a market cap of $39.93 billion, a P/E ratio of 24.80 and a beta of 1.05. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The stock’s 50 day moving average is $96.73 and its 200 day moving average is $98.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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%. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has authorized a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is 38.42%.

Insider Activity

In other news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last ninety days. 0.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of several research reports. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Finally, Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.88.

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.