Nisa Investment Advisors LLC Reduces Position in Otis Worldwide Co. (NYSE:OTIS)

Nisa Investment Advisors LLC lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 13.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 100,626 shares of the company’s stock after selling 15,633 shares during the period. Nisa Investment Advisors LLC’s holdings in Otis Worldwide were worth $9,319,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Riverview Trust Co purchased a new position in Otis Worldwide in the 3rd quarter worth $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide in the third quarter worth about $29,000. Fortitude Family Office LLC lifted its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in Otis Worldwide in the third quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Finally, UBS Group began coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Stock Up 0.9 %

NYSE:OTIS opened at $96.28 on Friday. The stock has a market capitalization of $38.46 billion, a PE ratio of 24.01 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $87.57 and a 52 week high of $106.33. The stock’s 50-day moving average price is $96.41 and its 200-day moving average price is $97.25.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Sell-side analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

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.