Pinebridge Investments L.P. Sells 579,180 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pinebridge Investments L.P. decreased its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 96.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,095 shares of the company's stock after selling 579,180 shares during the quarter. Pinebridge Investments L.P.'s holdings in Otis Worldwide were worth $2,231,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Morse Asset Management Inc bought a new position in Otis Worldwide in the 3rd quarter valued at $130,000. Wilmington Savings Fund Society FSB lifted its holdings in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock valued at $1,385,000 after purchasing an additional 9,979 shares during the last quarter. Tidal Investments LLC increased its stake in Otis Worldwide by 14.8% during the 3rd quarter. Tidal Investments LLC now owns 32,445 shares of the company's stock valued at $3,372,000 after purchasing an additional 4,172 shares in the last quarter. Peapack Gladstone Financial Corp lifted its position in Otis Worldwide by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company's stock valued at $7,519,000 after purchasing an additional 2,273 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the period. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Royal Bank of Canada cut their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company cut their price target on 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Stock Up 1.5 %

NYSE OTIS traded up $1.43 on Wednesday, reaching $96.33. 3,275,540 shares of the stock traded hands, compared to its average volume of 2,240,041. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The company has a market cap of $38.11 billion, a price-to-earnings ratio of 23.73 and a beta of 1.00. The firm's fifty day simple moving average is $98.85 and its 200 day simple moving average is $98.14.

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 (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business's revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 EPS. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

Otis Worldwide declared that its board has authorized a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value 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. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 in the last quarter. Corporate insiders own 0.23% of the company's stock.

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.