Thrivent Financial for Lutherans Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Thrivent Financial for Lutherans trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 12.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,232 shares of the company’s stock after selling 4,380 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Otis Worldwide were worth $2,985,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in OTIS. Custos Family Office LLC bought a new position in Otis Worldwide during the 4th quarter worth about $233,000. Mystic Asset Management Inc. bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $382,000. Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $34,000. Signaturefd LLC raised its stake in Otis Worldwide by 14.4% in the fourth quarter. Signaturefd LLC now owns 5,701 shares of the company’s stock worth $528,000 after buying an additional 718 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Otis Worldwide by 4.7% during the fourth quarter. Parallel Advisors LLC now owns 9,722 shares of the company’s stock worth $900,000 after buying an additional 439 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was 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 in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.3 %

Shares of Otis Worldwide stock opened at $102.73 on Thursday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm’s 50 day simple moving average is $98.34 and its two-hundred day simple moving average is $98.53. The firm has a market capitalization of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has approved a stock buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. Barclays lifted their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday. Wells Fargo & Company reduced their target price 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 cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. reduced 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 note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Company 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.