Truist Financial Corp Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Truist Financial Corp decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,798 shares of the company’s stock after selling 2,560 shares during the period. Truist Financial Corp’s holdings in Otis Worldwide were worth $4,890,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Allworth Financial LP lifted its stake in Otis Worldwide by 529.2% in the fourth quarter. Allworth Financial LP now owns 28,124 shares of the company’s stock worth $2,683,000 after acquiring an additional 23,654 shares during the period. Seascape Capital Management lifted its position in shares of Otis Worldwide by 0.8% in the 4th quarter. Seascape Capital Management now owns 34,130 shares of the company’s stock worth $3,161,000 after purchasing an additional 271 shares during the period. PineStone Asset Management Inc. boosted its stake 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 valued at $278,054,000 after purchasing an additional 121,322 shares in the last quarter. Kanawha Capital Management LLC increased its position in shares of Otis Worldwide by 0.7% during the fourth quarter. Kanawha Capital Management LLC now owns 49,320 shares of the company’s stock valued at $4,568,000 after buying an additional 364 shares during the period. Finally, V Square Quantitative Management LLC raised its stake in Otis Worldwide by 15.8% in the fourth quarter. V Square Quantitative Management LLC now owns 8,993 shares of the company’s stock worth $833,000 after buying an additional 1,224 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $98.44 on Monday. The firm’s 50 day moving average price is $94.65 and its 200-day moving average price is $97.31. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33. The company has a market cap of $39.03 billion, a PE ratio of 24.25 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OTIS shares. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Finally, Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Activity at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following 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. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 over the last quarter. 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.