Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Lmcg Investments LLC

22 Jan 2025, 10:22 by Sarita Garza · The Markets Daily

Lmcg Investments LLC cut its position in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 4.5% during the fourth quarter, Holdings Channel reports. The firm owned 2,343 shares of the company’s stock after selling 110 shares during the period. Lmcg Investments LLC’s holdings in Otis Worldwide were worth $217,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. Riverview Trust Co purchased a new stake in Otis Worldwide in the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $29,000. Fortitude Family Office LLC increased its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide during the third quarter worth $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $95.47 on Wednesday. The firm has a market capitalization of $38.14 billion, a price-to-earnings ratio of 23.81 and a beta of 1.06. The business’s 50 day moving average price is $96.67 and its 200-day moving average price is $97.28. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide announced that its board has approved a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. Otis Worldwide’s payout ratio is currently 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on OTIS. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Barclays lowered their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company cut their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.88.

Get Our Latest Research Report on OTIS

Otis Worldwide Company Profile

(Free Report)

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.