Summit Investment Advisors Inc. Lowers Stake in Otis Worldwide Co. (NYSE:OTIS)

Summit Investment Advisors Inc. cut its stake in Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,892 shares of the company’s stock after selling 165 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Otis Worldwide were worth $360,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Resonant Capital Advisors LLC lifted its position in shares of Otis Worldwide by 3.1% during the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after buying an additional 105 shares during the last quarter. Montis Financial LLC grew its holdings in Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after purchasing an additional 110 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its position in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its holdings in shares of Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after purchasing an additional 117 shares during the last quarter. Finally, PFG Investments LLC boosted its position in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after purchasing an additional 131 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $98.53 on Monday. The firm’s fifty day moving average is $99.30 and its 200 day moving average is $98.53. The firm has a market cap of $39.07 billion, a PE ratio of 24.27 and a beta of 1.00. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83.

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

Otis Worldwide announced that its board has initiated a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Barclays increased their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $100.88.

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.