Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Increased by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. grew its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 150,615 shares of the company's stock after purchasing an additional 2,807 shares during the period. Asset Management One Co. Ltd.'s holdings in Otis Worldwide were worth $14,086,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide during the third quarter valued at approximately $29,000. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Otis Worldwide during the third quarter valued at approximately $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on OTIS shares. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Wells Fargo & Company lowered their target price 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. Finally, UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $102.88.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares of the company's stock, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

Shares of OTIS traded up $0.53 during midday trading on Wednesday, hitting $98.14. 693,132 shares of the stock traded hands, compared to its average volume of 2,018,364. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.33. The firm has a market capitalization of $38.92 billion, a PE ratio of 24.17 and a beta of 1.06. The business's 50 day moving average price is $94.64 and its two-hundred day moving average price is $97.20.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results 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%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its board has authorized a stock repurchase program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Otis Worldwide 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.