Avanza Fonder AB Purchases New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Avanza Fonder AB bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 42,729 shares of the company's stock, valued at approximately $3,957,000.

A number of other institutional investors have also added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its position in Otis Worldwide by 41.0% during the third 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 in the last quarter. Franklin Resources Inc. lifted its position in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company's stock valued at $232,662,000 after buying an additional 2,201,988 shares in the last quarter. National Bank of Canada FI grew its position in shares of Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock worth $74,250,000 after buying an additional 523,518 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTIS. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research note on Wednesday. Barclays reduced their target price 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. Wells Fargo & Company lowered their price target 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. Finally, UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $103.88.

Otis Worldwide Stock Up 1.7 %

Shares of NYSE:OTIS traded up $1.56 during trading on Friday, hitting $94.76. The stock had a trading volume of 1,869,845 shares, compared to its average volume of 1,490,667. Otis Worldwide Co. has a 12-month low of $85.61 and a 12-month high of $106.33. The stock has a market capitalization of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The stock has a 50-day simple moving average of $96.80 and a two-hundred day simple moving average of $97.27.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business's quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 earnings per share. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has initiated 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 buy up to 5.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide's dividend payout ratio is presently 38.90%.

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.