Ameriprise Financial Inc. Sells 37,322 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ameriprise Financial Inc. decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 243,856 shares of the company’s stock after selling 37,322 shares during the period. Ameriprise Financial Inc. owned about 0.06% of Otis Worldwide worth $22,584,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Aptus Capital Advisors LLC boosted its position in shares of Otis Worldwide by 7.0% during the 4th quarter. Aptus Capital Advisors LLC now owns 4,971 shares of the company’s stock worth $460,000 after acquiring an additional 326 shares in the last quarter. AXA S.A. boosted its position in shares of Otis Worldwide by 14.1% during the 4th quarter. AXA S.A. now owns 221,479 shares of the company’s stock worth $20,511,000 after acquiring an additional 27,285 shares in the last quarter. AlTi Global Inc. boosted its position in shares of Otis Worldwide by 4.9% during the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock worth $223,000 after acquiring an additional 113 shares in the last quarter. Cypress Advisory Group LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $269,000. Finally, Itau Unibanco Holding S.A. boosted its position in shares of Otis Worldwide by 468.8% during the 4th quarter. Itau Unibanco Holding S.A. now owns 438 shares of the company’s stock worth $41,000 after acquiring an additional 361 shares in the last quarter. Institutional investors and hedge funds 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 shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Finally, JPMorgan Chase & Co. cut their target price 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. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $98.86.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $96.18 on Thursday. The firm has a market capitalization of $37.96 billion, a P/E ratio of 23.69 and a beta of 1.01. The company’s 50 day moving average price is $98.18 and its two-hundred day moving average price is $97.65. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The company 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%. Otis Worldwide’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.88 earnings per share. On average, analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is 44.09%.

Otis Worldwide declared that its board has initiated a stock repurchase plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy 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 Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is owned by company insiders.

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.