Pacer Advisors Inc. Sells 8,116 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pacer Advisors Inc. reduced its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,328 shares of the company’s stock after selling 8,116 shares during the period. Pacer Advisors Inc.’s holdings in Otis Worldwide were worth $5,865,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Mackenzie Financial Corp lifted its stake in Otis Worldwide by 58.6% in the second quarter. Mackenzie Financial Corp now owns 53,499 shares of the company’s stock worth $5,150,000 after acquiring an additional 19,760 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Otis Worldwide by 6.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 60,427 shares of the company’s stock valued at $5,817,000 after purchasing an additional 3,474 shares in the last quarter. EP Wealth Advisors LLC lifted its position in shares of Otis Worldwide by 33.5% in the 2nd quarter. EP Wealth Advisors LLC now owns 5,979 shares of the company’s stock worth $576,000 after purchasing an additional 1,502 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Otis Worldwide by 1.0% during the second quarter. Clearbridge Investments LLC now owns 1,335,162 shares of the company’s stock valued at $128,523,000 after purchasing an additional 13,092 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Otis Worldwide during the second quarter valued at approximately $2,073,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Stock Down 1.2 %

Shares of Otis Worldwide stock opened at $94.75 on Thursday. The firm has a market capitalization of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06. Otis Worldwide Co. has a 52 week low of $87.57 and a 52 week high of $106.33. The company has a 50 day moving average price of $96.12 and a 200 day moving average price of $97.19.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide declared that its board 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 repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Company 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.