Otis Worldwide Co. (NYSE:OTIS) is Sarasin & Partners LLP's 9th Largest Position

Sarasin & Partners LLP lifted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 6.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 4,053,315 shares of the company's stock after acquiring an additional 229,523 shares during the quarter. Otis Worldwide accounts for about 4.1% of Sarasin & Partners LLP's holdings, making the stock its 9th biggest holding. Sarasin & Partners LLP owned approximately 1.01% of Otis Worldwide worth $375,378,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Otis Worldwide by 1.4% in the third 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 during the last quarter. Franklin Resources Inc. grew its holdings in shares of Otis Worldwide by 58.3% in the third 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 last quarter. Wellington Management Group LLP increased its stake in shares of Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after buying an additional 391,206 shares during the period. Finally, Legal & General Group Plc raised its holdings in Otis Worldwide by 0.4% during the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company's stock valued at $352,351,000 after buying an additional 15,021 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

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

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $1.56 during mid-day trading on Monday, hitting $94.76. 1,869,845 shares of the stock traded hands, compared to its average volume of 1,490,667. The company has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The stock has a fifty day moving average price of $96.80 and a 200-day moving average price of $97.29. Otis Worldwide Co. has a 52 week low of $85.61 and a 52 week high of $106.33.

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

Otis Worldwide announced that its board has approved a stock repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide's payout ratio is 38.90%.

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.