Natixis Invests $958,000 in Otis Worldwide Co. (NYSE:OTIS)

Natixis acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 10,346 shares of the company's stock, valued at approximately $958,000.

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in 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 buying an additional 8,161,946 shares during the period. Norges Bank acquired a new position in Otis Worldwide in the fourth quarter worth about $649,883,000. Franklin Resources Inc. lifted its stake in 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 purchasing an additional 2,706,871 shares during the period. Canoe Financial LP boosted its holdings in 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 purchasing an additional 904,157 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Otis Worldwide by 8.1% during the fourth quarter. Invesco Ltd. now owns 4,048,203 shares of the company's stock valued at $374,904,000 after purchasing an additional 302,414 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $0.22 during midday trading on Friday, reaching $92.96. The company's stock had a trading volume of 4,901,071 shares, compared to its average volume of 2,222,304. The business's fifty day simple moving average is $99.06 and its 200-day simple moving average is $98.28. The company has a market capitalization of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. On average, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.81%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is presently 44.09%.

Otis Worldwide announced that its Board of Directors has approved a stock repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts recently commented on OTIS shares. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday. Finally, Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $100.63.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly 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 disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 over the last 90 days. 0.23% of the stock is owned by company insiders.

About Otis Worldwide

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.