JPMorgan Chase & Co. Boosts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

JPMorgan Chase & Co. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 41.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,076,031 shares of the company's stock after purchasing an additional 8,161,946 shares during the quarter. JPMorgan Chase & Co. owned approximately 7.03% of Otis Worldwide worth $2,918,223,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in Otis Worldwide by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 471,044 shares of the company's stock worth $48,960,000 after buying an additional 6,261 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Peapack Gladstone Financial Corp increased its position in shares of Otis Worldwide by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company's stock worth $7,519,000 after purchasing an additional 2,273 shares in the last quarter. Tidal Investments LLC raised its stake in Otis Worldwide by 14.8% in the 3rd quarter. Tidal Investments LLC now owns 32,445 shares of the company's stock valued at $3,372,000 after purchasing an additional 4,172 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB lifted its holdings in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock valued at $1,385,000 after purchasing an additional 9,979 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OTIS. Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective on the stock. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price for the company. Finally, Barclays lowered Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target on the stock. in a report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $104.50.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Up 0.2 %

NYSE OTIS traded up $0.15 on Thursday, reaching $94.15. The stock had a trading volume of 605,064 shares, compared to its average volume of 2,074,387. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The firm has a market capitalization of $37.61 billion, a price-to-earnings ratio of 23.48 and a beta of 1.04. The stock has a fifty day moving average price of $99.67 and a two-hundred day moving average price of $97.74.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company's revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. Sell-side analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is 38.90%.

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.