Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 38.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,884 shares of the company's stock after purchasing an additional 17,149 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Otis Worldwide were worth $5,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. 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 purchasing an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC grew its stake in Otis Worldwide by 1.4% during the 3rd 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 in the last quarter. Franklin Resources Inc. grew its stake in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP grew its stake in Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company's stock worth $375,378,000 after purchasing an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in 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. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on OTIS. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Barclays lowered their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $102.88.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the firm'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 $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock valued at $10,046,255 in the last ninety days. Insiders own 0.23% of the company's stock.

Otis Worldwide Trading Up 0.6 %

Shares of NYSE OTIS traded up $0.55 during trading hours on Tuesday, reaching $96.61. The stock had a trading volume of 1,710,350 shares, compared to its average volume of 2,064,139. The firm has a 50-day moving average of $95.03 and a 200-day moving average of $97.06. The firm has a market cap of $38.31 billion, a price-to-earnings ratio of 23.80 and a beta of 1.06. Otis Worldwide Co. has a fifty-two week low of $89.37 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, equities analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide's dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated 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 purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

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.