Sandy Spring Bank Sells 1,276 Shares of Otis Worldwide Co. (NYSE:OTIS)

Sandy Spring Bank lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,788 shares of the company’s stock after selling 1,276 shares during the period. Sandy Spring Bank’s holdings in Otis Worldwide were worth $2,018,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Resonant Capital Advisors LLC raised its position in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the period. Montis Financial LLC raised its position in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after purchasing an additional 110 shares during the period. Dorsey & Whitney Trust CO LLC raised its position in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares during the period. Mesirow Financial Investment Management Inc. raised its position in shares of Otis Worldwide by 1.8% during the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock worth $600,000 after purchasing an additional 117 shares during the period. Finally, Rehmann Capital Advisory Group raised its position in shares of Otis Worldwide by 4.4% during the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares during the period. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. Wells Fargo & Company dropped their target price on 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. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Finally, Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two 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, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now 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. In the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Down 0.8 %

NYSE:OTIS opened at $101.90 on Friday. The firm has a market capitalization of $40.40 billion, a price-to-earnings ratio of 25.10 and a beta of 1.05. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The stock’s 50 day moving average price is $97.52 and its two-hundred day moving average price is $98.27.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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, analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Otis Worldwide announced that its board has initiated a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.