Legal & General Group Plc Has $265.49 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Legal & General Group Plc trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 20.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,866,795 shares of the company's stock after selling 732,025 shares during the period. Legal & General Group Plc owned approximately 0.72% of Otis Worldwide worth $265,494,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Resonant Capital Advisors LLC boosted its position in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after purchasing an additional 105 shares in the last quarter. Montis Financial LLC boosted its holdings in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after buying an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC grew its position in Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after buying an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. increased its holdings in shares of Otis Worldwide by 1.8% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after buying an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its position in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock valued at $299,000 after acquiring an additional 122 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

Several analysts have issued reports on OTIS shares. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Barclays upped their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company cut their target price on shares of 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 research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average price target of $100.88.

Otis Worldwide Trading Up 1.2 %

OTIS stock traded up $1.16 during midday trading on Monday, hitting $98.25. The stock had a trading volume of 336,521 shares, compared to its average volume of 2,185,238. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The stock has a 50-day simple moving average of $99.03 and a 200 day simple moving average of $98.74. The firm has a market capitalization of $38.96 billion, a price-to-earnings ratio of 24.20 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors 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 dividend yield of 1.59%. Otis Worldwide's dividend payout ratio is 38.42%.

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

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was 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 in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company's stock.

Otis Worldwide 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.