Otis Worldwide Co. (NYSE:OTIS) Shares Sold by First Trust Advisors LP

First Trust Advisors LP lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 16.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 516,476 shares of the company's stock after selling 100,043 shares during the quarter. First Trust Advisors LP owned about 0.13% of Otis Worldwide worth $47,831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after buying an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 41.0% in 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 purchased a new position in shares of Otis Worldwide in the fourth quarter worth approximately $337,000. Clarkston Capital Partners LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth $8,743,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after buying an additional 67,937 shares during the period. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.73 during mid-day trading on Tuesday, hitting $94.38. The stock had a trading volume of 501,277 shares, compared to its average volume of 2,224,228. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The firm's 50-day moving average is $98.97 and its two-hundred day moving average is $98.17. The firm has a market capitalization of $37.34 billion, a P/E ratio of 23.28 and a beta of 1.00.

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

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued 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 1.78%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is currently 44.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on OTIS. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company decreased their price target on shares of 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 dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday. Finally, Royal Bank of Canada cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday. Two investment 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, the company currently has a consensus rating of "Hold" and a consensus target price of $100.00.

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.