Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2,939.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,277 shares of the company's stock after purchasing an additional 79,570 shares during the quarter. Teacher Retirement System of Texas' holdings in Otis Worldwide were worth $7,620,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the period. Canoe Financial LP increased its position in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock worth $95,705,000 after buying an additional 904,157 shares during the period. National Bank of Canada FI lifted its stake in Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock valued at $74,250,000 after buying an additional 523,518 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock valued at $382,546,000 after acquiring an additional 391,206 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.37 during midday trading on Thursday, reaching $103.06. 1,543,722 shares of the company traded hands, compared to its average volume of 2,007,139. The firm has a market cap of $40.87 billion, a PE ratio of 25.38 and a beta of 1.05. The firm's 50 day simple moving average is $98.34 and its two-hundred day simple moving average is $98.53. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Insider Activity

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This represents 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 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 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. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. Company insiders own 0.23% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of recent research reports. Wolfe Research cut shares of 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, December 12th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Barclays upped their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average 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.