Mutual Advisors LLC decreased its position in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,339 shares of the company’s stock after selling 128 shares during the quarter. Mutual Advisors LLC’s holdings in Otis Worldwide were worth $404,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. raised 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 valued at $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares in the last quarter. Canoe Financial LP boosted its holdings in 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 purchasing an additional 904,157 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in 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 purchasing an additional 523,518 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Otis Worldwide
In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.23% of the company’s stock.
Otis Worldwide Price Performance
Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the company posted $0.95 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. Research analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.
Otis Worldwide announced that its Board of Directors has initiated a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes 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 board of directors believes its stock is undervalued.
Otis Worldwide Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.
Wall Street Analyst Weigh In
OTIS has been the topic of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Barclays reduced their price target 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. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Finally, UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $103.88.
Check Out Our Latest Research Report on Otis Worldwide
Otis Worldwide 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.
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