LPL Financial LLC grew its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 20.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 210,063 shares of the company's stock after purchasing an additional 36,032 shares during the quarter. LPL Financial LLC owned about 0.05% of Otis Worldwide worth $19,454,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 58.3% during 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. Canoe Financial LP increased its holdings in shares of Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after acquiring an additional 904,157 shares in the last quarter. National Bank of Canada FI raised its position in shares of Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock valued at $74,250,000 after purchasing an additional 523,518 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Otis Worldwide by 11.9% in 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. Hedge funds and other institutional investors own 88.03% of the company's stock.
Otis Worldwide Stock Down 9.1 %
Shares of OTIS stock traded down $9.45 on Friday, hitting $94.85. The company had a trading volume of 5,319,513 shares, compared to its average volume of 2,143,541. The firm has a market cap of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The company has a 50-day moving average price of $99.32 and a 200-day moving average price of $98.96.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results 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 net margin of 11.53% and a negative return on equity of 31.76%. Equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.
Otis Worldwide announced that its Board of Directors has initiated a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.
Otis Worldwide Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. Otis Worldwide's dividend payout ratio is presently 38.42%.
Insider Buying and Selling
In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction 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 transaction, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of research firms have issued reports on OTIS. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. JPMorgan Chase & Co. reduced their target price 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. Barclays lifted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company cut their price objective 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average target price of $103.00.
Check Out Our Latest Report on OTIS
About Otis Worldwide
(
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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