Rathbones Group PLC Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Rathbones Group PLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 484,364 shares of the company's stock after buying an additional 11,804 shares during the period. Rathbones Group PLC owned 0.12% of Otis Worldwide worth $44,857,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Resonant Capital Advisors LLC grew its stake in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after buying an additional 105 shares in the last quarter. Montis Financial LLC raised its position in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock valued at $205,000 after purchasing an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after purchasing an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock worth $600,000 after purchasing an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group increased its position in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock valued at $299,000 after purchasing an additional 122 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

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Otis Worldwide Stock Up 2.8 %

Shares of OTIS traded up $2.63 during trading hours on Friday, reaching $96.95. 2,941,377 shares of the company traded hands, compared to its average volume of 2,189,676. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The company has a market capitalization of $38.44 billion, a price-to-earnings ratio of 23.88 and a beta of 1.00. The company's fifty day moving average price is $99.03 and its two-hundred day moving average price is $98.78.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

Insider Buying and Selling

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value 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 trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 over the last quarter. Corporate insiders own 0.23% of the company's stock.

Analyst Ratings Changes

OTIS has been the topic of several research reports. Barclays lifted their price target 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. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $100.88.

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.