Prudential PLC Buys 6,359 Shares of Otis Worldwide Co. (NYSE:OTIS)

Prudential PLC increased its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 89.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,468 shares of the company's stock after purchasing an additional 6,359 shares during the period. Prudential PLC's holdings in Otis Worldwide were worth $1,247,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Atlas Capital Advisors Inc. raised its position in Otis Worldwide by 9,642.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 1,364 shares of the company's stock valued at $126,000 after purchasing an additional 1,350 shares in the last quarter. DF Dent & Co. Inc. raised its holdings in shares of Otis Worldwide by 2.6% during the 4th quarter. DF Dent & Co. Inc. now owns 8,458 shares of the company's stock valued at $783,000 after buying an additional 217 shares in the last quarter. ExodusPoint Capital Management LP bought a new stake in Otis Worldwide in the 4th quarter worth approximately $24,055,000. Huntington National Bank lifted its position in Otis Worldwide by 2.1% in the 4th quarter. Huntington National Bank now owns 19,994 shares of the company's stock worth $1,852,000 after buying an additional 417 shares during the last quarter. Finally, Meeder Advisory Services Inc. boosted its stake in Otis Worldwide by 6.9% in the fourth quarter. Meeder Advisory Services Inc. now owns 8,838 shares of the company's stock worth $818,000 after buying an additional 569 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value 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 represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction on 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 owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company's stock.

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Otis Worldwide Stock Up 2.8 %

Shares of NYSE:OTIS traded up $2.63 during midday trading on Friday, hitting $96.95. 2,941,377 shares of the stock traded hands, compared to its average volume of 2,192,286. The business's 50 day moving average is $99.03 and its two-hundred day moving average is $98.74. The stock has a market capitalization of $38.44 billion, a PE ratio of 23.88 and a beta of 1.00. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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, sell-side analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current 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 business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OTIS. Barclays boosted 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, March 26th. Wells Fargo & Company cut their price target on shares of 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. Finally, JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a 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 given a buy rating to the company. According to MarketBeat, Otis Worldwide 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.