First Manhattan CO. LLC. Sells 3,720 Shares of Otis Worldwide Co. (NYSE:OTIS)

First Manhattan CO. LLC. lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 8.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,786 shares of the company's stock after selling 3,720 shares during the period. First Manhattan CO. LLC.'s holdings in Otis Worldwide were worth $3,870,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after purchasing an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. SVB Wealth LLC bought a new position in Otis Worldwide during the fourth quarter valued at about $337,000. Clarkston Capital Partners LLC bought a new position in Otis Worldwide during the fourth quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after purchasing an additional 67,937 shares during the period. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. Wells Fargo & Company lowered their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada decreased their price objective on 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 research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $98.86.

Otis Worldwide Price Performance

Shares of OTIS traded down $0.81 during midday trading on Wednesday, hitting $96.18. The stock had a trading volume of 4,297,705 shares, compared to its average volume of 2,297,031. The company has a 50 day simple moving average of $98.34 and a two-hundred day simple moving average of $97.66. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The firm has a market cap of $37.96 billion, a price-to-earnings ratio of 23.69 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during 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%. Otis Worldwide's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.88 EPS. Analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

Otis Worldwide declared that its board has initiated a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.23% of the company's stock.

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.