Sumitomo Mitsui Trust Group Inc. Raises Position in Otis Worldwide Co. (NYSE:OTIS)

Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 938,843 shares of the company's stock after buying an additional 9,972 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of Otis Worldwide worth $86,946,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $29,000. Fortitude Family Office LLC raised its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 0.1 %

Shares of OTIS stock traded up $0.10 on Wednesday, hitting $96.78. 2,178,386 shares of the stock were exchanged, compared to its average volume of 2,068,217. The firm has a market capitalization of $38.38 billion, a PE ratio of 23.84 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The firm's 50 day moving average is $94.94 and its two-hundred day moving average is $97.09.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide's dividend payout ratio is currently 38.42%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research report on Wednesday, January 8th. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $102.88.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 in the last quarter. 0.23% of the stock is owned by company insiders.

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.