CIBC Asset Management Inc Sells 739 Shares of Otis Worldwide Co. (NYSE:OTIS)

CIBC Asset Management Inc lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 146,138 shares of the company’s stock after selling 739 shares during the quarter. CIBC Asset Management Inc’s holdings in Otis Worldwide were worth $13,534,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of OTIS. Exchange Traded Concepts LLC lifted its holdings in shares of Otis Worldwide by 1,094.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock valued at $145,000 after purchasing an additional 1,281 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Otis Worldwide by 132.6% during the 3rd quarter. Blue Trust Inc. now owns 3,107 shares of the company’s stock valued at $299,000 after purchasing an additional 1,771 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its holdings in shares of Otis Worldwide by 11.6% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 2,838 shares of the company’s stock valued at $295,000 after purchasing an additional 295 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at about $28,000. Finally, Home Federal Bank of Tennessee raised its position in Otis Worldwide by 4.5% in the 3rd quarter. Home Federal Bank of Tennessee now owns 9,331 shares of the company’s stock valued at $970,000 after buying an additional 400 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent research reports. 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. 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. 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. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Finally, 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Up 0.8 %

NYSE:OTIS opened at $97.56 on Wednesday. The firm has a market capitalization of $38.68 billion, a price-to-earnings ratio of 24.03 and a beta of 1.06. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The stock’s 50 day moving average price is $94.64 and its two-hundred day moving average price is $97.20.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s payout ratio is presently 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 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.