Farther Finance Advisors LLC Sells 240 Shares of Otis Worldwide Co. (NYSE:OTIS)

Farther Finance Advisors LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 14.8% during the 4th quarter, Holdings Channel reports. The firm owned 1,379 shares of the company’s stock after selling 240 shares during the period. Farther Finance Advisors LLC’s holdings in Otis Worldwide were worth $128,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after acquiring an additional 152,072 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the period. Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 6.0% in the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after buying an additional 229,523 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after buying an additional 391,206 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $101.90 on Friday. The company has a market capitalization of $40.40 billion, a P/E ratio of 25.10 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The business has a 50-day simple moving average of $97.52 and a two-hundred day simple moving average of $98.27.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has approved a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Analyst Ratings Changes

Several brokerages have commented on OTIS. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Finally, Barclays decreased 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given 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 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.