Flagship Harbor Advisors LLC Has $295,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Flagship Harbor Advisors LLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,185 shares of the company’s stock after selling 182 shares during the period. Flagship Harbor Advisors LLC’s holdings in Otis Worldwide were worth $295,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. M&T Bank Corp lifted its position in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Otis Worldwide by 11.1% during 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. JPMorgan Chase & Co. lifted its position 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 worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position 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 worth $1,385,000 after purchasing an additional 9,979 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Otis Worldwide by 6.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock worth $23,784,000 after purchasing an additional 13,602 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

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

Otis Worldwide Trading Down 1.2 %

Shares of OTIS opened at $94.75 on Thursday. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33. The stock has a 50 day simple moving average of $96.12 and a 200-day simple moving average of $97.19. The stock has a market cap of $37.85 billion, a PE ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released 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 negative return on equity of 31.28% and a net margin of 11.48%. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has approved a share buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate insiders.

About Otis Worldwide

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.