Van Lanschot Kempen Investment Management N.V. Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Van Lanschot Kempen Investment Management N.V. increased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,512 shares of the company's stock after purchasing an additional 2,731 shares during the quarter. Van Lanschot Kempen Investment Management N.V.'s holdings in Otis Worldwide were worth $15,791,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Transce3nd LLC bought a new stake in Otis Worldwide in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $28,000. Fortitude Family Office LLC lifted its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in Otis Worldwide during the 4th quarter worth $33,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OTIS. Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday. 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, April 8th. Finally, Wells Fargo & Company cut their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average price target of $100.63.

Otis Worldwide Price Performance

OTIS stock traded up $0.22 during midday trading on Friday, hitting $92.96. 4,901,071 shares of the stock traded hands, compared to its average volume of 2,222,671. The stock's fifty day simple moving average is $99.06 and its 200-day simple moving average is $98.31. The firm has a market cap of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.81%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Otis Worldwide announced that its board has initiated a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated 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 approximately $16,127.67. The trade was a 99.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 112,281 shares of company stock valued at $10,747,553. 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.