Aware Super Pty Ltd as trustee of Aware Super Acquires Shares of 26,331 Otis Worldwide Co. (NYSE:OTIS)

Aware Super Pty Ltd as trustee of Aware Super purchased a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 26,331 shares of the company's stock, valued at approximately $2,439,000.

Several other institutional investors have also made changes to their positions in OTIS. Vanguard Group Inc. lifted its position in Otis Worldwide by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after buying an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC boosted its position in Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares during the last quarter. Franklin Resources Inc. grew its stake in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank purchased a new position in Otis Worldwide in the fourth quarter valued at about $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Barclays lifted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, March 26th. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Two equities 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $100.88.

Otis Worldwide Stock Up 1.8 %

Shares of NYSE:OTIS traded up $1.75 during trading on Friday, reaching $98.53. The stock had a trading volume of 1,964,356 shares, compared to its average volume of 2,192,223. The stock has a fifty day simple moving average of $99.30 and a two-hundred day simple moving average of $98.53. The firm has a market capitalization of $39.07 billion, a price-to-earnings ratio of 24.27 and a beta of 1.00. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated Monday, February 10th. The shares were 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 in the company, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last 90 days. 0.23% of the stock is currently owned by insiders.

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.