Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Mariner LLC

Mariner LLC grew its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,339 shares of the company's stock after buying an additional 2,785 shares during the quarter. Mariner LLC's holdings in Otis Worldwide were worth $6,699,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Morse Asset Management Inc purchased a new stake in Otis Worldwide during the third quarter worth $130,000. M&T Bank Corp boosted its position in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Wilmington Savings Fund Society FSB grew its stake in Otis Worldwide by 297.9% in the third 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 during the last quarter. Tidal Investments LLC grew its stake in Otis Worldwide by 14.8% in the third 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, Peapack Gladstone Financial Corp lifted 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 valued at $7,519,000 after buying an additional 2,273 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents 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, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday. Barclays boosted their target price on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research note on Wednesday, March 26th. Finally, JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $100.88.

Otis Worldwide Trading Up 0.5 %

NYSE OTIS traded up $0.46 on Thursday, hitting $92.76. 4,034,557 shares of the company's stock traded hands, compared to its average volume of 2,219,955. The firm has a market capitalization of $36.78 billion, a PE ratio of 22.85 and a beta of 1.00. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The firm's 50-day moving average price is $99.23 and its two-hundred day moving average price is $98.44.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, research analysts anticipate 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 plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.81%. Otis Worldwide's payout ratio is presently 38.42%.

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.