Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Caprock Group LLC

Caprock Group LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 97.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,195 shares of the company's stock after purchasing an additional 4,534 shares during the quarter. Caprock Group LLC's holdings in Otis Worldwide were worth $852,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in Otis Worldwide by 41.0% in the third 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. Geode Capital Management LLC boosted its stake in shares of Otis Worldwide by 1.4% in the 3rd 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 during the last quarter. Franklin Resources Inc. grew its holdings 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 acquiring an additional 2,706,871 shares during the period. Sarasin & Partners LLP grew its stake in Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock worth $375,378,000 after purchasing an additional 229,523 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction dated 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 of the company's stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 75,481 shares of company stock worth $7,159,509 over the last quarter. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 1.3 %

Shares of NYSE:OTIS traded down $1.22 during mid-day trading on Friday, reaching $94.83. The company had a trading volume of 2,284,306 shares, compared to its average volume of 2,086,044. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The company's 50-day moving average price is $95.14 and its 200-day moving average price is $97.01. The firm has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide's dividend payout ratio is presently 38.42%.

Analysts Set New Price Targets

Several research analysts have issued reports on OTIS shares. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Wells Fargo & Company reduced their price objective on shares of 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. Wolfe Research cut 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, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price for the company. 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 company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $102.88.

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.