Franklin Resources Inc. Buys 2,706,871 Shares of Otis Worldwide Co. (NYSE:OTIS)

Franklin Resources Inc. boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 58.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,349,744 shares of the company's stock after purchasing an additional 2,706,871 shares during the quarter. Franklin Resources Inc. owned about 1.84% of Otis Worldwide worth $774,863,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide during the third quarter worth approximately $25,000. Meeder Asset Management Inc. increased its position in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after buying an additional 196 shares during the period. Cranbrook Wealth Management LLC lifted its holdings in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after buying an additional 250 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at about $28,000. Finally, Hantz Financial Services Inc. acquired a new position in shares of Otis Worldwide in the second quarter valued at about $29,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on OTIS shares. Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday. Wells Fargo & Company lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective for the company. Finally, Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $104.50.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded down $0.48 during trading on Friday, reaching $97.79. 1,471,427 shares of the company's stock were exchanged, compared to its average volume of 2,080,366. The firm's 50-day moving average price is $101.40 and its 200 day moving average price is $97.98. The company has a market cap of $39.06 billion, a P/E ratio of 24.39 and a beta of 1.04. Otis Worldwide Co. has a 1-year low of $85.42 and a 1-year high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm's revenue was up .7% compared to the same quarter last year. During the same period last year, the company posted $0.95 EPS. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. Otis Worldwide's payout ratio is presently 38.90%.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company's stock.

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.