KLP Kapitalforvaltning AS Takes $19.96 Million Position in Otis Worldwide Co. (NYSE:OTIS)

KLP Kapitalforvaltning AS bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 215,542 shares of the company's stock, valued at approximately $19,961,000. KLP Kapitalforvaltning AS owned about 0.05% of Otis Worldwide at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of OTIS. Empowered Funds LLC raised its stake in shares of Otis Worldwide by 10.1% in the third quarter. Empowered Funds LLC now owns 7,286 shares of the company's stock valued at $757,000 after purchasing an additional 668 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Otis Worldwide by 8.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 36,612 shares of the company's stock valued at $3,805,000 after buying an additional 2,825 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Otis Worldwide by 1.3% during the 3rd quarter. Pathstone Holdings LLC now owns 47,282 shares of the company's stock worth $4,914,000 after acquiring an additional 604 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Otis Worldwide by 3.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company's stock valued at $953,000 after acquiring an additional 318 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at about $676,000. 88.03% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred 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 directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % 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. Company insiders own 0.23% of the company's stock.

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Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.37 during midday trading on Thursday, reaching $103.06. The company's stock had a trading volume of 1,543,722 shares, compared to its average volume of 2,007,139. The business's fifty day simple moving average is $98.34 and its 200-day simple moving average is $98.53. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The company has a market capitalization of $40.87 billion, a P/E ratio of 25.38 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its board has initiated a stock buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.51%. Otis Worldwide's payout ratio is 38.42%.

Wall Street Analyst Weigh In

A number of brokerages have commented on OTIS. Wells Fargo & Company cut their price target on shares of 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. Wolfe Research downgraded 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. Barclays upped their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and a consensus price target of $103.00.

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.