Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 18.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,345,551 shares of the company's stock after buying an additional 212,555 shares during the quarter. Russell Investments Group Ltd. owned 0.34% of Otis Worldwide worth $124,607,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $33,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter worth $34,000. Golden State Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter valued at $34,000. Finally, OFI Invest Asset Management acquired a new stake in Otis Worldwide in the fourth quarter valued at $37,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OTIS. Barclays increased their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday, March 26th. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced 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 report on Tuesday. Finally, Wells Fargo & Company cut their price target on shares of 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $100.88.

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Insider Activity

In other Otis Worldwide 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 transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 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.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded up $3.16 on Friday, reaching $97.48. The company's stock had a trading volume of 984,835 shares, compared to its average volume of 2,179,431. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The stock's 50-day moving average is $98.98 and its two-hundred day moving average is $98.79. The stock has a market capitalization of $38.65 billion, a P/E ratio of 24.00 and a beta of 1.00.

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 analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

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

About Otis Worldwide

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.