Resona Asset Management Co. Ltd. Buys Shares of 116,516 Otis Worldwide Co. (NYSE:OTIS)

Resona Asset Management Co. Ltd. acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 116,516 shares of the company's stock, valued at approximately $10,806,000.

Several other large investors have also recently made changes to their positions in OTIS. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Norges Bank acquired a new position in Otis Worldwide during the 4th quarter worth about $649,883,000. Franklin Resources Inc. lifted its stake in 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 acquiring an additional 2,706,871 shares in the last quarter. Canoe Financial LP boosted its holdings in Otis Worldwide by 699.5% during the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after acquiring an additional 904,157 shares during the period. Finally, National Bank of Canada FI grew its position in Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock valued at $74,250,000 after acquiring an additional 523,518 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS traded up $2.19 during midday trading on Friday, reaching $96.51. 857,141 shares of the stock were exchanged, compared to its average volume of 2,178,743. The company has a market capitalization of $38.27 billion, a price-to-earnings ratio of 23.75 and a beta of 1.00. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The business's 50-day moving average price is $98.98 and its 200 day moving average price is $98.79.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has approved a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. Otis Worldwide's payout ratio is 38.42%.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The stock was 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 directly owns 24,927 shares of the company's stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction on 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 directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OTIS. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday. Barclays raised their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, March 26th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Finally, Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $100.88.

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.