Vestmark Advisory Solutions Inc. recently disclosed that it has lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 39.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The financial services company revealed that it sold 4,052 shares of the corporation’s stock, leaving it with 6,219 shares by the end of December 2020 which amounted to $487,000 worth of stock at the time.
The latest earnings results disclosed by Otis Worldwide on February 1st showed a good performance from the business side as they managed to get $0.75 EPS for the quarter which surpassed analysts’ consensus estimates of $0.73 by $0.02. Although such achievements have not necessarily translated into forecast earnings per share for OTIS as research analysts within the industry suggest there might be a decline going forward.
Otis Worldwide (NYSE:OTIS) has been scrutinized in various research reports before and following this development went through intense reviews done by notable players within its industry as well. Among these companies are Wells Fargo & Company, TheStreet, Barclays and Cowen who all provided different perspectives regarding a price target on stocks under consideration leading to an average rating of “Hold” amidst diverse perspectives.
In conclusion, Vestmark Advisory Solutions Inc.’s decision to reduce its holdings may be surprising to some investors who believed that Otis Worldwide Co.’s finances were on a positive trajectory but such changes only showcase how investments always come with risks no matter how good pre-investment analyses may appear. Meanwhile, constant monitoring coupled with quality analysis will continue being essential components needed for anyone looking to invest smartly within this sector or any other sector in general.
Institutional Investors Show Increased Interest in Otis Worldwide
Otis Worldwide, the world’s leading manufacturer and maintainer of people-moving systems, has been garnering increased attention from institutional investors in recent months. Pinnacle Financial Partners, American National Bank, Northwest Investment Counselors LLC, Old North State Trust LLC and Creative Capital Management Investments LLC have all either added to or reduced their stakes in the company. Institutional investors and hedge funds now own 83.95% of the firm’s stock.
Shares of Otis Worldwide opened at $84.20 on Tuesday, with a market capitalization of $34.93 billion. The company boasts a one year low of $62.49 and a one year high of $87.33. The stock has a price-to-earnings ratio of 28.35 and a beta of 0.93, further cementing its position as an industry leader.
Otis has received positive reviews from several research reports on Wall Street in recent weeks, including from Wells Fargo & Company, TheStreet and Barclays among others who have given it an “equal weight” rating. Cowen boosted its target price on shares for Otis Worldwide to $95 from an initial target price set at $90 per share while Morgan Stanley boosted their target price to $89 from their original projection of $84 per share.
The manufacturer also recently paid out a quarterly dividend to shareholders amounting to $0.29 which was issued on Friday March 10th this quarter but paid March 24th instead due to Markets Holiday Scheduling issues . The ex-dividend date was Thursday February 16th; representative figures for the annualized dividend payment converge around %1.38 percent while payout ratios are expectedly set at approximately %39 percent .
In related news, insider Fernandez Bernardo Calleja sold over 700 shares in the company for an average trading value exceeding two-thirds ($61k) earlier this month (March). Meanwhile insider Montlivault Stephane De sold 16,005 shares of Otis Worldwidestock to the tune of $1.3 million in transaction that occurred on February 3rd. Combined sales from corporate insiders totaled 32,777 shares amounting to $2.7 million over a period spanning the last ninety days. Corporate insiders currently own roughly 0.11% of the company’s stock.