Moody Lynn & Lieberson LLC Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Moody Lynn & Lieberson LLC reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.2% during the fourth quarter, HoldingsChannel reports. The firm owned 12,655 shares of the company’s stock after selling 1,603 shares during the period. Moody Lynn & Lieberson LLC’s holdings in Otis Worldwide were worth $1,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Optas LLC boosted its stake in shares of Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after buying an additional 118 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in Otis Worldwide by 4.4% in the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares during the last quarter. Groupama Asset Managment grew its stake in shares of Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after purchasing an additional 132 shares during the period. UMB Bank n.a. increased its position in shares of Otis Worldwide by 2.9% during the 4th quarter. UMB Bank n.a. now owns 4,929 shares of the company’s stock valued at $456,000 after purchasing an additional 137 shares during the last quarter. Finally, Selway Asset Management lifted its stake in shares of Otis Worldwide by 0.8% in the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after purchasing an additional 150 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Otis Worldwide Stock Up 0.4 %

NYSE OTIS opened at $96.61 on Friday. Otis Worldwide Co. has a twelve month low of $87.57 and a twelve month high of $106.33. The business has a 50-day moving average price of $96.36 and a 200-day moving average price of $97.25. The firm has a market cap of $38.59 billion, a price-to-earnings ratio of 24.09 and a beta of 1.06.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Otis Worldwide 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 owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

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.