Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 203.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,743 shares of the company's stock after purchasing an additional 11,894 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Otis Worldwide were worth $1,643,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter worth $28,000. Fortitude Family Office LLC increased its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares during the period. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth about $34,000. Finally, Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $34,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $98.76 on Wednesday. The stock's 50-day moving average is $99.32 and its 200-day moving average is $98.48. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a market cap of $39.16 billion, a P/E ratio of 24.33 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its board has authorized a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.70%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 38.42%.

Insider Activity

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction dated Friday, January 31st. The shares were 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 represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm's stock in a transaction 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 directly owns 24,927 shares of the company's stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. 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 lowered their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Two equities 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.

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