Wellington Management Group LLP Grows Position in Otis Worldwide Co. (NYSE:OTIS)

Wellington Management Group LLP lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 11.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 3,680,452 shares of the company's stock after acquiring an additional 391,206 shares during the quarter. Wellington Management Group LLP owned 0.92% of Otis Worldwide worth $382,546,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after purchasing an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company's stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company's stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Legal & General Group Plc raised its holdings in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock worth $352,351,000 after buying an additional 15,021 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Otis Worldwide by 2.9% in the third quarter. FMR LLC now owns 3,536,108 shares of the company's stock worth $367,543,000 after buying an additional 101,278 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS traded up $0.68 during midday trading on Friday, hitting $99.80. 1,475,697 shares of the company traded hands, compared to its average volume of 1,719,211. The stock has a market cap of $39.87 billion, a price-to-earnings ratio of 24.89 and a beta of 1.04. The firm has a 50 day moving average of $101.91 and a 200-day moving average of $97.93. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. During the same period last year, the company earned $0.95 earnings per share. The firm's revenue was up .7% on a year-over-year basis. Sell-side analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders 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 dividend yield of 1.56%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an "equal weight" rating and a $97.00 target price for the company. Wells Fargo & Company dropped their price target on shares of 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. Royal Bank of Canada restated an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays downgraded Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price objective on the stock. in a research note on Thursday. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $104.57.

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.