Canada Post Corp Registered Pension Plan Invests $2.72 Million in Otis Worldwide Co. (NYSE:OTIS)

Canada Post Corp Registered Pension Plan bought a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 29,381 shares of the company's stock, valued at approximately $2,721,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 41.0% during the 3rd 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 during the last quarter. Norges Bank bought a new position in shares of Otis Worldwide during the 4th quarter worth about $649,883,000. Franklin Resources Inc. raised 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. Canoe Financial LP lifted its stake in shares of Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after buying an additional 904,157 shares during the period. Finally, Invesco Ltd. grew its position in Otis Worldwide by 8.1% during the fourth quarter. Invesco Ltd. now owns 4,048,203 shares of the company's stock worth $374,904,000 after buying an additional 302,414 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $1.75 on Friday, hitting $98.53. The stock had a trading volume of 1,964,356 shares, compared to its average volume of 2,192,223. The firm's 50 day moving average price is $99.30 and its 200-day moving average price is $98.53. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The company has a market capitalization of $39.07 billion, a price-to-earnings ratio of 24.27 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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 shares. This buyback authorization permits the company to repurchase 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 stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid 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 is currently 38.42%.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Wells Fargo & Company reduced 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. Barclays raised their target price on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $100.88.

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.