Capital Research Global Investors Buys 3,803 Shares of Otis Worldwide Co. (NYSE:OTIS)

Capital Research Global Investors boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 0.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,784,371 shares of the company's stock after purchasing an additional 3,803 shares during the quarter. Capital Research Global Investors owned 0.70% of Otis Worldwide worth $257,861,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide during the fourth quarter worth about $28,000. Fortitude Family Office LLC lifted its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Down 6.6 %

OTIS stock traded down $6.51 during mid-day trading on Wednesday, hitting $92.44. The stock had a trading volume of 5,326,530 shares, compared to its average volume of 2,208,575. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The firm has a fifty day simple moving average of $99.32 and a 200 day simple moving average of $98.48. The firm has a market capitalization of $36.65 billion, a P/E ratio of 22.77 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.82%. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % 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 in the last 90 days. Insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.