Ossiam Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

Ossiam increased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1,138.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,498 shares of the company's stock after purchasing an additional 8,731 shares during the period. Ossiam's holdings in Otis Worldwide were worth $880,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. BI Asset Management Fondsmaeglerselskab A S grew its stake in Otis Worldwide by 203.4% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,743 shares of the company's stock valued at $1,643,000 after purchasing an additional 11,894 shares during the last quarter. Forum Financial Management LP increased its holdings in Otis Worldwide by 12.0% in the 4th quarter. Forum Financial Management LP now owns 2,893 shares of the company's stock worth $268,000 after buying an additional 311 shares during the period. Canada Pension Plan Investment Board raised its position in Otis Worldwide by 7.3% during the 4th quarter. Canada Pension Plan Investment Board now owns 307,550 shares of the company's stock worth $28,482,000 after buying an additional 20,942 shares during the last quarter. GKV Capital Management Co. Inc. acquired a new stake in Otis Worldwide during the 4th quarter valued at approximately $232,000. Finally, MSH Capital Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at $207,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on 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 directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were 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 owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $0.22 during midday trading on Friday, reaching $92.96. 4,901,071 shares of the company's stock traded hands, compared to its average volume of 2,222,671. The company has a market cap of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00. The company has a fifty day simple moving average of $99.06 and a two-hundred day simple moving average of $98.31. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83.

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

Otis Worldwide declared that its board has authorized a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Otis Worldwide Increases Dividend

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

Analyst Upgrades and Downgrades

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

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.