APG Asset Management N.V. Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

APG Asset Management N.V. raised its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 428.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 286,527 shares of the company's stock after buying an additional 232,324 shares during the quarter. APG Asset Management N.V. owned approximately 0.07% of Otis Worldwide worth $25,626,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide in the fourth quarter valued at $28,000. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $33,000. Golden State Wealth Management LLC purchased a new position in Otis Worldwide during the fourth quarter worth about $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at about $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OTIS shares. Wells Fargo & Company dropped their price objective on 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. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays increased their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. 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. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $100.88.

Remove Ads

Insider Activity

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's 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 transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.73 on Tuesday, reaching $99.25. 424,084 shares of the company were exchanged, compared to its average volume of 2,183,550. The stock's 50 day moving average price is $99.11 and its 200-day moving average price is $98.70. The company has a market cap of $39.35 billion, a P/E ratio of 24.45 and a beta of 1.00. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide's dividend payout ratio is currently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

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.