Guinness Asset Management LTD Purchases 96,950 Shares of Otis Worldwide Co. (NYSE:OTIS)

Guinness Asset Management LTD grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,947,756 shares of the company's stock after buying an additional 96,950 shares during the period. Otis Worldwide accounts for approximately 3.4% of Guinness Asset Management LTD's holdings, making the stock its 18th biggest holding. Guinness Asset Management LTD owned approximately 0.49% of Otis Worldwide worth $180,365,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its position in 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 boosted its stake in shares of Otis Worldwide by 1.4% in the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. grew its holdings in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP increased 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 worth $375,378,000 after buying an additional 229,523 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OTIS shares. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. Barclays reduced their price objective 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. Wolfe Research downgraded shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating for the company in a report on Wednesday, January 15th. Two investment 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 data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $103.88.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $1.56 during midday trading on Monday, reaching $94.76. The stock had a trading volume of 1,869,845 shares, compared to its average volume of 1,490,667. The firm's 50 day moving average price is $96.80 and its 200-day moving average price is $97.29. Otis Worldwide Co. has a 52 week low of $85.61 and a 52 week high of $106.33. The company has a market capitalization of $37.85 billion, a P/E ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm's revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, equities analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.65%. Otis Worldwide's payout ratio is presently 38.90%.

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

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.