Otis Worldwide Co. (NYSE:OTIS) Holdings Cut by Flputnam Investment Management Co.

Flputnam Investment Management Co. lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,208 shares of the company’s stock after selling 173 shares during the period. Flputnam Investment Management Co.’s holdings in Otis Worldwide were worth $297,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. M&T Bank Corp raised its holdings in shares of Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares during the last quarter. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its holdings in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after buying an additional 9,979 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 completion of the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $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. Over the last three months, insiders sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by company insiders.

Otis Worldwide Price Performance

Shares of OTIS opened at $100.64 on Tuesday. The company has a market capitalization of $39.91 billion, a PE ratio of 24.79 and a beta of 1.06. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The company’s fifty day moving average price is $95.24 and its 200 day moving average price is $97.59.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 negative return on equity of 31.76% and a net margin of 11.53%. Analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has approved a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Wolfe Research downgraded shares of 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, Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.88.

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.