First Eagle Investment Management LLC Has $4.84 Million Position in Otis Worldwide Co. (NYSE:OTIS)

First Eagle Investment Management LLC increased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 19.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,203 shares of the company's stock after acquiring an additional 8,474 shares during the period. First Eagle Investment Management LLC's holdings in Otis Worldwide were worth $4,835,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after acquiring an additional 267 shares during the period. Truvestments Capital LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $36,000. Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $33,000. Golden State Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $34,000. Finally, OFI Invest Asset Management acquired a new position in Otis Worldwide during the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Insiders Place Their Bets

In related news, EVP Peiming Zheng sold 32,694 shares of the business's 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 transaction, the executive vice president now directly owns 169 shares of the company's stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 over the last ninety days. 0.23% of the stock is currently owned by company insiders.

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Otis Worldwide Price Performance

Shares of OTIS traded down $0.87 during mid-day trading on Thursday, hitting $101.90. The company's stock had a trading volume of 1,812,308 shares, compared to its average volume of 1,986,966. The firm has a 50-day moving average price of $97.32 and a 200 day moving average price of $98.24. The stock has a market capitalization of $40.40 billion, a price-to-earnings ratio of 25.10 and a beta of 1.05. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 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%. As a group, equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. Barclays lowered their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Finally, 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 note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $102.88.

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.