Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Diversify Wealth Management LLC

Diversify Wealth Management LLC increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 87.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,763 shares of the company's stock after purchasing an additional 5,483 shares during the quarter. Diversify Wealth Management LLC's holdings in Otis Worldwide were worth $1,068,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of 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 buying an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Otis Worldwide by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company's stock worth $1,146,045,000 after purchasing an additional 152,072 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the period. Wellington Management Group LLP increased its holdings in shares of Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock valued at $382,546,000 after purchasing an additional 391,206 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock valued at $352,351,000 after purchasing an additional 15,021 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 0.7 %

Shares of NYSE OTIS traded up $0.70 during midday trading on Tuesday, reaching $95.47. 2,040,902 shares of the stock were exchanged, compared to its average volume of 1,969,875. The stock has a 50 day moving average price of $96.67 and a 200-day moving average price of $97.28. The company has a market capitalization of $38.14 billion, a P/E ratio of 23.81 and a beta of 1.06. Otis Worldwide Co. has a 52-week low of $87.57 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm posted $0.95 earnings per share. The company's revenue was up .7% on a year-over-year basis. On average, analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on OTIS shares. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price for the company. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. Finally, Barclays lowered their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $103.88.

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.