JPMorgan Chase & Co. Buys 8,161,946 Shares of Otis Worldwide Co. (NYSE:OTIS)

JPMorgan Chase & Co. boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 41.0% in the third quarter, HoldingsChannel reports. The firm owned 28,076,031 shares of the company’s stock after acquiring an additional 8,161,946 shares during the period. JPMorgan Chase & Co. owned approximately 0.07% of Otis Worldwide worth $2,918,223,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of OTIS. Principal Financial Group Inc. increased its holdings in Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock valued at $48,960,000 after buying an additional 6,261 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Otis Worldwide by 58.3% in the 3rd 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 in the last quarter. Peapack Gladstone Financial Corp lifted its position in Otis Worldwide by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company’s stock valued at $7,519,000 after purchasing an additional 2,273 shares in the last quarter. Tidal Investments LLC grew its holdings in Otis Worldwide by 14.8% during the third quarter. Tidal Investments LLC now owns 32,445 shares of the company’s stock valued at $3,372,000 after purchasing an additional 4,172 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its position in Otis Worldwide by 297.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after buying an additional 9,979 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.2 %

Shares of NYSE OTIS traded up $0.15 during trading hours on Thursday, reaching $94.15. The stock had a trading volume of 605,004 shares, compared to its average volume of 2,074,386. The business’s fifty day moving average price is $99.89 and its two-hundred day moving average price is $97.76. The firm has a market cap of $37.61 billion, a price-to-earnings ratio of 23.48 and a beta of 1.04. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The business had revenue of $3.55 billion during 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 company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. Equities research analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is 38.90%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on OTIS shares. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Barclays downgraded shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a research report on Thursday, December 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $104.50.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

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.