KLP Kapitalforvaltning AS Buys Shares of 215,542 Otis Worldwide Co. (NYSE:OTIS)

KLP Kapitalforvaltning AS bought a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 215,542 shares of the company’s stock, valued at approximately $19,961,000. KLP Kapitalforvaltning AS owned approximately 0.05% of Otis Worldwide as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Fortitude Family Office LLC increased its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. Flagship Wealth Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, Truvestments Capital LLC bought a new stake in shares of Otis Worldwide during the third quarter worth $36,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $100.97 on Friday. The company has a market cap of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The company has a fifty day simple moving average of $97.73 and a 200 day simple moving average of $98.34.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its board has initiated a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective 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. Barclays lowered their price objective on shares of 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 downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on shares of 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock worth $10,747,553 over the last quarter. 0.23% of the stock is currently owned by 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.