Aviva PLC Has $102 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Aviva PLC lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 6.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,101,334 shares of the company's stock after selling 79,024 shares during the period. Aviva PLC owned 0.28% of Otis Worldwide worth $101,995,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fortitude Family Office LLC increased its stake in Otis Worldwide by 485.5% during 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 bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $34,000. Flagship Wealth Advisors LLC bought a new stake in Otis Worldwide during the fourth quarter worth approximately $34,000. Finally, OFI Invest Asset Management acquired a new stake in Otis Worldwide in the fourth quarter worth approximately $37,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OTIS. Wells Fargo & Company lowered their price target 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. dropped 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 report on Tuesday. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, Barclays boosted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $100.88.

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Insider Buying and Selling

In other news, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction on 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 transaction, the executive vice president now directly owns 169 shares of the company's stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the 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 sale, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $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. In the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS traded down $0.82 during midday trading on Thursday, hitting $93.46. The stock had a trading volume of 1,474,808 shares, compared to its average volume of 2,170,577. The business has a 50-day simple moving average of $98.98 and a two-hundred day simple moving average of $98.82. The firm has a market cap of $37.06 billion, a P/E ratio of 23.03 and a beta of 1.00. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are 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.