Invesco Ltd. Has $374.90 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Invesco Ltd. raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 8.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,048,203 shares of the company's stock after acquiring an additional 302,414 shares during the quarter. Invesco Ltd. owned 1.02% of Otis Worldwide worth $374,904,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $649,883,000. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Canoe Financial LP raised its stake in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after buying an additional 904,157 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Otis Worldwide in the fourth quarter worth $24,451,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

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

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Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value 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 represents a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.63 during mid-day trading on Tuesday, reaching $99.15. The company had a trading volume of 388,628 shares, compared to its average volume of 2,183,435. The stock has a market capitalization of $39.31 billion, a PE ratio of 24.42 and a beta of 1.00. The stock's 50 day moving average is $99.11 and its 200-day moving average is $98.70. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared 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. This represents a $1.56 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio is 38.42%.

Otis Worldwide announced that its board has initiated a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is 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.