California Public Employees Retirement System Has $107.04 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

California Public Employees Retirement System lowered its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,155,835 shares of the company's stock after selling 55,694 shares during the quarter. California Public Employees Retirement System owned approximately 0.29% of Otis Worldwide worth $107,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased 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 worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Norges Bank bought a new stake in shares of Otis Worldwide during the 4th quarter worth about $649,883,000. Franklin Resources Inc. increased its holdings in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Canoe Financial LP raised its stake in shares of Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after acquiring an additional 904,157 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in 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 purchasing an additional 523,518 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last three months. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Barclays increased their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. lowered their price target 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 lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Finally, Wells Fargo & Company decreased 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 report on Thursday, January 30th. Two 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Stock Performance

Shares of OTIS stock traded down $9.45 during mid-day trading on Friday, reaching $94.85. The company's stock had a trading volume of 5,319,513 shares, compared to its average volume of 2,143,541. The firm's 50-day moving average is $99.32 and its two-hundred day moving average is $98.96. The company has a market cap of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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 negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has approved a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio is 38.42%.

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.