London Co. of Virginia Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

London Co. of Virginia cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,243,564 shares of the company's stock after selling 13,121 shares during the period. London Co. of Virginia owned about 0.57% of Otis Worldwide worth $207,776,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter worth $28,000. Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth about $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $34,000. Finally, Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $34,000. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is owned by company insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $1.78 during mid-day trading on Thursday, hitting $97.82. The company had a trading volume of 5,922,668 shares, compared to its average volume of 2,311,476. The company has a market capitalization of $38.61 billion, a PE ratio of 24.09 and a beta of 1.01. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The firm has a fifty day moving average price of $98.18 and a 200 day moving average price of $97.65.

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 firm had revenue of $3.35 billion for 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 business's quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 earnings per share. Research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has initiated a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase 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.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.72%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OTIS. Barclays reduced their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Royal Bank of Canada decreased their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $98.86.

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.