Canada Pension Plan Investment Board Has $28.48 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Canada Pension Plan Investment Board increased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 307,550 shares of the company's stock after purchasing an additional 20,942 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.08% of Otis Worldwide worth $28,482,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in OTIS. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Otis Worldwide in the fourth quarter worth $649,883,000. 88.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the company'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 completion of the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

NYSE:OTIS traded down $6.51 during trading hours on Wednesday, reaching $92.44. 5,326,530 shares of the company were exchanged, compared to its average volume of 2,208,042. The stock has a 50 day simple moving average of $99.32 and a 200 day simple moving average of $98.48. The firm has a market cap of $36.65 billion, a price-to-earnings ratio of 22.77 and a beta of 1.00. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. On average, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has approved a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.82%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 38.42%.

Analyst Upgrades and Downgrades

Several research firms recently commented on OTIS. JPMorgan Chase & Co. dropped their price target 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. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Finally, Barclays upped their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average target price of $100.88.

Otis Worldwide 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.