Nippon Life Global Investors Americas Inc. Has $8.83 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Nippon Life Global Investors Americas Inc. trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 62.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,320 shares of the company's stock after selling 161,500 shares during the quarter. Nippon Life Global Investors Americas Inc.'s holdings in Otis Worldwide were worth $8,828,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after purchasing an additional 149,123 shares during the period. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC raised its stake in Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the period. Franklin Resources Inc. lifted its holdings in Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after acquiring an additional 435,372 shares during the last quarter. Finally, Norges Bank acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $649,883,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.22 during trading hours on Friday, reaching $92.96. 4,901,071 shares of the company's stock traded hands, compared to its average volume of 2,222,668. The firm has a market capitalization of $36.86 billion, a price-to-earnings ratio of 22.90 and a beta of 1.00. The business's fifty day simple moving average is $99.15 and its two-hundred day simple moving average is $98.36. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

Otis Worldwide announced that its board has authorized a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday. Two 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $100.63.

Insider Activity

In other news, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction dated 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 completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

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.