Grantham Mayo Van Otterloo & Co. LLC Purchases 60,564 Shares of Otis Worldwide Co. (NYSE:OTIS)

Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,159,105 shares of the company's stock after purchasing an additional 60,564 shares during the period. Otis Worldwide makes up about 1.6% of Grantham Mayo Van Otterloo & Co. LLC's holdings, making the stock its 24th biggest position. Grantham Mayo Van Otterloo & Co. LLC owned 1.30% of Otis Worldwide worth $477,785,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of OTIS. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at $33,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter valued at $34,000. Golden State Wealth Management LLC purchased a new stake in Otis Worldwide in the 4th quarter worth about $34,000. Finally, OFI Invest Asset Management purchased a new stake in Otis Worldwide in the 4th quarter worth about $37,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $0.82 during midday trading on Thursday, reaching $93.46. 1,474,808 shares of the company's stock traded hands, compared to its average volume of 2,170,577. Otis Worldwide Co. has a 52 week low of $89.70 and a 52 week high of $106.83. The company's 50 day simple moving average is $98.98 and its 200 day simple moving average is $98.82. The company has a market cap of $37.06 billion, a price-to-earnings ratio of 23.03 and a beta of 1.00.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board has approved a stock buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.67%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the 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 sale, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their position. 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 90 days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on OTIS shares. Barclays upped their target price on 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 target price on shares of 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. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $100.88.

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.