Lifeworks Advisors LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 20.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,010 shares of the company's stock after acquiring an additional 9,005 shares during the quarter. Lifeworks Advisors LLC's holdings in Otis Worldwide were worth $4,909,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC grew its holdings in Otis Worldwide by 1.4% in the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock worth $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. increased its stake in Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP raised its holdings in shares of Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock valued at $375,378,000 after purchasing an additional 229,523 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after purchasing an additional 391,206 shares in the last quarter. Institutional investors own 88.03% of the company's stock.
Insider Buying and Selling at Otis Worldwide
In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on 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 transaction, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on OTIS. Wolfe Research lowered 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. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $102.88.
Read Our Latest Stock Report on OTIS
Otis Worldwide Price Performance
Shares of NYSE OTIS traded down $1.18 during trading on Wednesday, hitting $99.97. The stock had a trading volume of 2,618,894 shares, compared to its average volume of 2,003,605. The firm has a fifty day moving average of $96.28 and a two-hundred day moving average of $97.97. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The company has a market capitalization of $39.64 billion, a PE ratio of 24.62 and a beta of 1.05.
Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) 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, equities analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.
Otis Worldwide declared that its board has authorized a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.
Otis Worldwide Announces Dividend
The firm 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 annualized dividend and a yield of 1.56%. Otis Worldwide's dividend payout ratio is currently 38.42%.
Otis Worldwide Profile
(
Free Report)
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.
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