Otis Worldwide Co. (NYSE:OTIS) Position Lowered by Jennison Associates LLC

Jennison Associates LLC lowered its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 34.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 766,705 shares of the company's stock after selling 411,852 shares during the quarter. Jennison Associates LLC owned 0.19% of Otis Worldwide worth $71,005,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Riverview Trust Co purchased a new position in Otis Worldwide during the third quarter worth $25,000. Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC lifted its holdings in 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 purchasing an additional 267 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Down 1.3 %

Shares of Otis Worldwide stock traded down $1.22 during trading hours on Friday, reaching $94.83. The stock had a trading volume of 2,284,306 shares, compared to its average volume of 2,086,044. The firm has a market capitalization of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The firm has a 50 day simple moving average of $95.14 and a two-hundred day simple moving average of $97.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly 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%. Sell-side analysts forecast that Otis Worldwide Co. will post 4.02 EPS for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction on Friday, January 31st. The shares were 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. The trade was a 99.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 75,481 shares of company stock worth $7,159,509. Corporate insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

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. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. JPMorgan Chase & Co. decreased their price objective 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 dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. 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 company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $102.88.

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.