Generali Asset Management SPA SGR Purchases Shares of 16,253 Otis Worldwide Co. (NYSE:OTIS)

Generali Asset Management SPA SGR bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,253 shares of the company's stock, valued at approximately $1,505,000.

A number of other large investors also recently modified their holdings of the business. JPMorgan Chase & Co. increased its stake in shares of 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 period. Geode Capital Management LLC grew its holdings in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock worth $1,146,045,000 after buying an additional 152,072 shares in the last quarter. Franklin Resources Inc. increased its position in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Sarasin & Partners LLP raised its stake in Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock valued at $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after acquiring an additional 391,206 shares during the period. 88.03% of the stock is currently owned by institutional investors.

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Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on 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 approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company's stock, valued at $22,041,752.81. This trade represents a 11.00 % 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 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report 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 dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research report 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 price objective for the company. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $102.88.

Otis Worldwide Price Performance

Shares of OTIS remained flat at $101.38 during mid-day trading on Tuesday. 1,392,128 shares of the stock traded hands, compared to its average volume of 2,331,343. The company has a fifty day moving average of $97.94 and a 200-day moving average of $98.43. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The company has a market cap of $40.20 billion, a PE ratio of 24.97 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly 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%. Equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide's dividend payout ratio is presently 38.42%.

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.