Brown Advisory Inc. Has $13.56 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Brown Advisory Inc. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 146,453 shares of the company's stock after selling 11,278 shares during the quarter. Brown Advisory Inc.'s holdings in Otis Worldwide were worth $13,563,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of OTIS. Banque Transatlantique SA purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $534,000. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide during the fourth quarter valued at $66,962,000. Aptus Capital Advisors LLC grew its stake in Otis Worldwide by 7.0% in the fourth quarter. Aptus Capital Advisors LLC now owns 4,971 shares of the company's stock valued at $460,000 after purchasing an additional 326 shares in the last quarter. AXA S.A. increased its position in Otis Worldwide by 14.1% in the 4th quarter. AXA S.A. now owns 221,479 shares of the company's stock worth $20,511,000 after purchasing an additional 27,285 shares during the last quarter. Finally, AlTi Global Inc. raised its stake in shares of Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after purchasing an additional 113 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on OTIS. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Finally, Royal Bank of Canada lowered their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $100.00.

Otis Worldwide Trading Down 1.1 %

OTIS opened at $96.31 on Wednesday. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The business has a 50 day moving average of $98.69 and a 200-day moving average of $97.86. The stock has a market capitalization of $38.01 billion, a price-to-earnings ratio of 23.72 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business's revenue was down 2.5% compared to the same quarter last year. Equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.74%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 44.09%.

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

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm'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 transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,800 shares of company stock valued at $3,588,044 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

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.

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