Arlington Partners LLC Acquires 3,306 Shares of Otis Worldwide Co. (NYSE:OTIS)

Arlington Partners LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 8.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,882 shares of the company's stock after acquiring an additional 3,306 shares during the period. Arlington Partners LLC's holdings in Otis Worldwide were worth $3,879,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. M&T Bank Corp raised its holdings in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after purchasing an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock valued at $1,385,000 after purchasing an additional 9,979 shares during the last quarter. Finally, Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock valued at $375,378,000 after purchasing an additional 229,523 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 1.3 %

NYSE OTIS traded up $1.25 on Thursday, hitting $97.99. The company's stock had a trading volume of 2,142,450 shares, compared to its average volume of 2,070,778. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33. The company's 50-day simple moving average is $94.83 and its 200 day simple moving average is $97.09. The firm has a market cap of $38.85 billion, a P/E ratio of 24.13 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide's payout ratio is presently 38.42%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. UBS Group assumed 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. Finally, Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $102.88.

Insider Activity

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company's stock, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on 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 $2,390,748.57. The trade was a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last quarter. 0.23% of the stock is owned by company insiders.

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.