Franklin Resources Inc. Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Franklin Resources Inc. boosted its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,785,116 shares of the company's stock after buying an additional 435,372 shares during the period. Franklin Resources Inc. owned approximately 1.96% of Otis Worldwide worth $720,980,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of OTIS. Wellington Management Group LLP lifted its stake in Otis Worldwide by 2.1% during the fourth quarter. Wellington Management Group LLP now owns 3,759,138 shares of the company's stock worth $348,134,000 after purchasing an additional 78,686 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Otis Worldwide by 9.1% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 38,005 shares of the company's stock valued at $3,520,000 after buying an additional 3,155 shares during the period. Schroder Investment Management Group lifted its stake in Otis Worldwide by 6.9% during the 4th quarter. Schroder Investment Management Group now owns 2,402,879 shares of the company's stock worth $222,435,000 after acquiring an additional 155,670 shares in the last quarter. Allstate Corp purchased a new position in Otis Worldwide during the 4th quarter valued at about $1,142,000. Finally, Brown Brothers Harriman & Co. grew its position in Otis Worldwide by 1.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,035,358 shares of the company's stock valued at $95,885,000 after acquiring an additional 16,822 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

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Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $9.45 during trading hours on Friday, reaching $94.85. The stock had a trading volume of 5,319,513 shares, compared to its average volume of 2,143,541. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The firm's 50 day moving average is $99.32 and its 200-day moving average is $98.96. The stock has a market capitalization of $37.61 billion, a price-to-earnings ratio of 23.36 and a beta of 1.00.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors 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 1.64%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its board has authorized 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 purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Barclays increased their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. Wells Fargo & Company reduced 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 report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $103.00.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction that occurred on 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 transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % 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 over the last three months. Insiders own 0.23% of the company's stock.

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.