Dimensional Fund Advisors LP Sells 428,581 Shares of Otis Worldwide Co. (NYSE:OTIS)

Dimensional Fund Advisors LP cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 17.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,095,669 shares of the company's stock after selling 428,581 shares during the quarter. Dimensional Fund Advisors LP owned 0.53% of Otis Worldwide worth $194,083,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter worth $28,000. Fortitude Family Office LLC increased its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares during the period. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Up 1.8 %

NYSE OTIS opened at $98.76 on Wednesday. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The business's fifty day moving average is $99.32 and its 200 day moving average is $98.48. The company has a market cap of $39.16 billion, a price-to-earnings ratio of 24.33 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 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, research analysts anticipate 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 authorized a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.70%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target 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.

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