Royal London Asset Management Ltd. Buys 7,151 Shares of Otis Worldwide Co. (NYSE:OTIS)

Royal London Asset Management Ltd. raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 208,406 shares of the company's stock after buying an additional 7,151 shares during the quarter. Royal London Asset Management Ltd. owned about 0.05% of Otis Worldwide worth $19,300,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Fortitude Family Office LLC grew its holdings 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 worth $30,000 after purchasing an additional 267 shares in the last quarter. Truvestments Capital LLC bought a new stake in Otis Worldwide during the third quarter valued at approximately $36,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction 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 sale, 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 valued at $10,747,553 over the last quarter. 0.23% of the stock is owned by company insiders.

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Otis Worldwide Trading Up 1.3 %

Shares of NYSE:OTIS traded up $1.33 during trading on Wednesday, reaching $102.73. 1,778,979 shares of the company traded hands, compared to its average volume of 2,321,652. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The firm has a market capitalization of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05. The business's fifty day moving average is $98.13 and its 200-day moving average is $98.50.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its 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%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. Otis Worldwide's dividend payout ratio is presently 38.42%.

Analyst Ratings Changes

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

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.