Fmr LLC Has $335.48 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

FMR LLC increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,622,551 shares of the company's stock after buying an additional 86,443 shares during the quarter. FMR LLC owned 0.91% of Otis Worldwide worth $335,484,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after buying an additional 95,035 shares during the period. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after acquiring an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $649,883,000. 88.03% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Finally, Barclays boosted their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $100.88.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 over the last 90 days. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

OTIS stock traded up $0.42 during mid-day trading on Tuesday, reaching $98.94. The company had a trading volume of 794,279 shares, compared to its average volume of 2,185,187. The company has a market capitalization of $39.23 billion, a price-to-earnings ratio of 24.36 and a beta of 1.00. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The stock has a 50 day simple moving average of $99.11 and a two-hundred day simple moving average of $98.70.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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 issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio is currently 38.42%.

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

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.