Wellington Management Group LLP Has $348.13 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Wellington Management Group LLP grew its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,759,138 shares of the company's stock after acquiring an additional 78,686 shares during the quarter. Wellington Management Group LLP owned 0.95% of Otis Worldwide worth $348,134,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of OTIS. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 41.0% in the 3rd 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 during the period. Norges Bank bought a new stake in shares of Otis Worldwide in the fourth quarter valued at about $649,883,000. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after buying an additional 2,706,871 shares during the period. Canoe Financial LP boosted its position in shares of Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock worth $95,705,000 after buying an additional 904,157 shares during the period. Finally, National Bank of Canada FI grew its holdings in shares of Otis Worldwide by 274.2% during the third quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock worth $74,250,000 after buying an additional 523,518 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

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Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm's 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 sale, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on OTIS. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Barclays boosted their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. 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 report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Otis Worldwide has an average rating of "Hold" and an average price target of $103.00.

Otis Worldwide Stock Down 9.1 %

Shares of NYSE:OTIS traded down $9.45 during midday trading on Friday, hitting $94.85. The stock had a trading volume of 5,319,513 shares, compared to its average volume of 2,143,541. The company has a market cap of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The business's 50-day simple moving average is $99.32 and its 200-day simple moving average is $98.99.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates 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 analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. Otis Worldwide's payout ratio is 38.42%.

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.