Comerica Bank Sells 5,646 Shares of Otis Worldwide Co. (NYSE:OTIS)

Comerica Bank lowered its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,722 shares of the company's stock after selling 5,646 shares during the quarter. Comerica Bank's holdings in Otis Worldwide were worth $9,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in OTIS. Transce3nd LLC purchased a new position in Otis Worldwide during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide in the fourth quarter worth approximately $28,000. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Price Performance

OTIS traded down $0.12 during trading on Friday, hitting $97.20. The company had a trading volume of 639,953 shares, compared to its average volume of 2,267,899. The business has a 50-day moving average of $98.58 and a 200-day moving average of $97.80. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The company has a market cap of $38.36 billion, a PE ratio of 23.94 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.73%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Otis Worldwide declared that its board has initiated a share buyback plan 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 plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares of the company's stock, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $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 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.