Alliancebernstein L.P. lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 8.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,777,577 shares of the company's stock after selling 1,766,664 shares during the period. Otis Worldwide comprises approximately 0.6% of Alliancebernstein L.P.'s holdings, making the stock its 23rd largest holding. Alliancebernstein L.P. owned about 4.99% of Otis Worldwide worth $1,831,601,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. FMR LLC lifted its stake in shares of Otis Worldwide by 2.9% during the third quarter. FMR LLC now owns 3,536,108 shares of the company's stock worth $367,543,000 after buying an additional 101,278 shares during the period. D.A. Davidson & CO. grew its stake in Otis Worldwide by 5.3% during the 3rd quarter. D.A. Davidson & CO. now owns 13,490 shares of the company's stock valued at $1,402,000 after purchasing an additional 681 shares during the last quarter. Townsquare Capital LLC increased its holdings in shares of Otis Worldwide by 7.4% in the third quarter. Townsquare Capital LLC now owns 5,225 shares of the company's stock valued at $543,000 after purchasing an additional 359 shares during the period. CreativeOne Wealth LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth about $230,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Otis Worldwide by 10.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 142,724 shares of the company's stock valued at $14,835,000 after buying an additional 13,246 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.
Otis Worldwide Price Performance
Shares of OTIS stock traded down $6.72 during trading hours on Friday, hitting $97.59. The company had a trading volume of 2,250,164 shares, compared to its average volume of 2,309,795. The company's fifty day moving average is $99.36 and its 200 day moving average is $98.94. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The stock has a market capitalization of $38.69 billion, a PE ratio of 24.02 and a beta of 1.00.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.
Otis Worldwide declared that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Otis Worldwide Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.60%. Otis Worldwide's dividend payout ratio is currently 38.42%.
Insider Transactions at Otis Worldwide
In other news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company's stock.
Analysts Set New Price Targets
Several brokerages have commented on OTIS. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. 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 lifted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $103.00.
Check Out Our Latest Analysis on OTIS
About Otis Worldwide
(
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.
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