Otis Worldwide Co. (NYSE:OTIS) Stock Position Raised by Mizuho Securities USA LLC

Mizuho Securities USA LLC increased its position in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 45.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,860 shares of the company's stock after purchasing an additional 11,886 shares during the quarter. Mizuho Securities USA LLC's holdings in Otis Worldwide were worth $3,506,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. grew its holdings 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 acquiring an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. grew its stake in Otis Worldwide by 58.3% in 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 in the last quarter. Canoe Financial LP increased its holdings in Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after buying an additional 904,157 shares during the last quarter. National Bank of Canada FI increased its holdings in Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock valued at $74,250,000 after buying an additional 523,518 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock valued at $382,546,000 after buying an additional 391,206 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

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Analyst Ratings Changes

Several research analysts have recently commented on OTIS shares. Wells Fargo & Company decreased their target price 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 lifted their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Finally, Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $103.00.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 over the last three months. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $0.37 during trading hours on Thursday, hitting $103.06. The stock had a trading volume of 1,543,722 shares, compared to its average volume of 2,007,139. The stock's fifty day simple moving average is $98.34 and its 200 day simple moving average is $98.53. The firm has a market capitalization of $40.87 billion, a price-to-earnings ratio of 25.38 and a beta of 1.05. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio is currently 38.42%.

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

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.