Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. lifted its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,035,358 shares of the company's stock after acquiring an additional 16,822 shares during the quarter. Brown Brothers Harriman & Co. owned 0.26% of Otis Worldwide worth $95,885,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after purchasing an additional 149,123 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares during the period. Geode Capital Management LLC grew its holdings in shares of Otis Worldwide by 1.4% in the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock valued at $1,146,045,000 after purchasing an additional 152,072 shares in the last quarter. Franklin Resources Inc. increased its stake in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after buying an additional 2,706,871 shares during the period. Finally, Norges Bank acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $649,883,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OTIS. JPMorgan Chase & Co. cut 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 downgraded 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. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Finally, Barclays raised their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $103.00.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. Company insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 0.2 %

OTIS stock traded down $0.25 during trading on Wednesday, hitting $103.81. 778,379 shares of the company's stock were exchanged, compared to its average volume of 2,109,521. The business has a 50-day moving average price of $99.03 and a two-hundred day moving average price of $98.86. The stock has a market capitalization of $41.16 billion, a price-to-earnings ratio of 25.57 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. Otis Worldwide's dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

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.