Massachusetts Financial Services Co. MA Lowers Position in Otis Worldwide Co. (NYSE:OTIS)

Massachusetts Financial Services Co. MA decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,605,562 shares of the company's stock after selling 438,127 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.92% of Otis Worldwide worth $704,351,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of OTIS. Fortitude Family Office LLC increased its position in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide during the fourth quarter valued at approximately $34,000. Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. Finally, OFI Invest Asset Management purchased a new position in shares of Otis Worldwide in the fourth quarter worth about $37,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OTIS. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Finally, 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 research note on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $103.00.

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Insider Activity

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction dated Monday, February 10th. The shares were 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 owns 24,927 shares of the company's stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 completion of the transaction, the insider now owns 63,931 shares in the company, valued at $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 112,281 shares of company stock valued at $10,747,553 over the last three months. Insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 2.3 %

OTIS traded down $2.22 during trading on Monday, hitting $92.75. 1,384,554 shares of the company's stock traded hands, compared to its average volume of 2,140,919. The stock has a market capitalization of $36.78 billion, a price-to-earnings ratio of 22.70 and a beta of 1.00. The company's 50 day simple moving average is $99.32 and its two-hundred day simple moving average is $98.99. Otis Worldwide Co. has a 12-month low of $88.24 and a 12-month 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 EPS 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%. On average, equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide's dividend payout ratio is presently 38.42%.

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

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.