Price T Rowe Associates Inc. MD Sells 169,492 Shares of Otis Worldwide Co. (NYSE:OTIS)

Price T Rowe Associates Inc. MD lessened its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,713,967 shares of the company's stock after selling 169,492 shares during the period. Price T Rowe Associates Inc. MD owned 0.43% of Otis Worldwide worth $158,731,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in OTIS. PineStone Asset Management Inc. grew its position in shares of 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 during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. SVB Wealth LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $337,000. Clarkston Capital Partners LLC acquired a new stake in Otis Worldwide in the 4th quarter worth about $8,743,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after purchasing an additional 67,937 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

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

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.07 on Thursday, hitting $96.34. The company's stock had a trading volume of 2,179,192 shares, compared to its average volume of 2,239,844. The stock has a market capitalization of $38.11 billion, a price-to-earnings ratio of 23.73 and a beta of 1.00. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The firm's fifty day moving average price is $98.85 and its 200-day moving average price is $98.14.

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

Otis Worldwide Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend 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 payout ratio is 44.09%.

Otis Worldwide declared that its board has authorized a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase 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 shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now owns 230,153 shares of the company's stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company's stock.

About Otis Worldwide

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.