Geode Capital Management LLC Purchases 95,035 Shares of Otis Worldwide Co. (NYSE:OTIS)

Geode Capital Management LLC boosted its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,126,735 shares of the company's stock after buying an additional 95,035 shares during the period. Geode Capital Management LLC owned approximately 2.81% of Otis Worldwide worth $1,031,787,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in OTIS. Fortitude Family Office LLC grew its position 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 valued at $30,000 after buying an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $33,000. Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Flagship Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth $34,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $37,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 2.4 %

NYSE OTIS traded down $2.23 on Monday, hitting $92.74. 1,384,554 shares of the company were exchanged, compared to its average volume of 2,140,861. The firm has a 50 day moving average of $99.32 and a two-hundred day moving average of $98.99. Otis Worldwide Co. has a 1-year low of $88.24 and a 1-year high of $106.83. The company has a market cap of $36.77 billion, a P/E ratio of 22.70 and a beta of 1.00.

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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 net margin of 11.53% and a negative return on equity of 31.76%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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 dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a share 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 buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OTIS. Wolfe Research lowered 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 research report on Thursday, December 12th. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Wells Fargo & Company lowered their target price on 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. Finally, Barclays boosted their price objective 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. Two research 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, the company presently has an average rating of "Hold" and an average target price of $103.00.

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 over the last quarter. 0.23% of the stock is owned by company insiders.

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.