Menora Mivtachim Holdings LTD. cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 18.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,439,724 shares of the company's stock after selling 551,105 shares during the period. Otis Worldwide comprises about 1.4% of Menora Mivtachim Holdings LTD.'s holdings, making the stock its 23rd biggest holding. Menora Mivtachim Holdings LTD. owned 0.62% of Otis Worldwide worth $225,943,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. M&T Bank Corp raised its stake in Otis Worldwide by 11.2% in the 3rd 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 during the last quarter. PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after buying an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. SVB Wealth LLC purchased a new position in shares of Otis Worldwide in the fourth quarter worth about $337,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Otis Worldwide by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock worth $213,418,000 after acquiring an additional 67,937 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.
Otis Worldwide Price Performance
Shares of OTIS stock traded up $0.23 during trading on Tuesday, hitting $98.75. 1,566,767 shares of the stock traded hands, compared to its average volume of 2,190,834. The firm has a market capitalization of $39.16 billion, a P/E ratio of 24.32 and a beta of 1.00. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The firm's fifty day moving average price is $99.17 and its 200-day moving average price is $98.70.
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 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%. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.
Otis Worldwide announced that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.
Otis Worldwide Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide's dividend payout ratio is currently 38.42%.
Insider Buying and Selling at Otis Worldwide
In other news, EVP Peiming Zheng sold 32,694 shares of the firm's 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 completion of the transaction, the executive vice president now owns 169 shares of the company's stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction that occurred 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 sale, 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. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. 0.23% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of research firms have commented on OTIS. Barclays increased their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $100.88.
Read Our Latest Stock 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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