Meiji Yasuda Asset Management Co Ltd. Has $585,000 Holdings in Otis Worldwide Co. (NYSE:OTIS)

Meiji Yasuda Asset Management Co Ltd. trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,318 shares of the company’s stock after selling 463 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Otis Worldwide were worth $585,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the 4th 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. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $33,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $34,000. Flagship Wealth Advisors LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $34,000. Finally, Truvestments Capital LLC bought a new stake in Otis Worldwide during the third quarter worth about $36,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.4 %

NYSE OTIS opened at $103.06 on Friday. The company has a market cap of $40.87 billion, a price-to-earnings ratio of 25.38 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 business’s fifty day moving average is $98.54 and its 200 day moving average is $98.56.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates 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, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared 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. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide declared that its board has initiated a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OTIS. Barclays boosted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. 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 note on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Two 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 data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.00.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 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 value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % 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 valued at $10,747,553. Insiders own 0.23% of the company’s stock.

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.