Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,566,587 shares of the company’s stock after buying an additional 115,508 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.90% of Otis Worldwide worth $331,300,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OTIS. Fortitude Family Office LLC increased its holdings 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 buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at about $33,000. Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter worth about $34,000. Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide during the fourth quarter worth about $34,000. Finally, Truvestments Capital LLC purchased a new position in shares of Otis Worldwide in the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. JPMorgan Chase & Co. lowered their price objective on 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 increased their target price on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $103.00.

Insider Buying and Selling at Otis Worldwide

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

Otis Worldwide Stock Up 1.3 %

Shares of OTIS opened at $102.73 on Thursday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The company has a 50-day simple moving average of $98.34 and a 200-day simple moving average of $98.53. The company has a market capitalization of $40.73 billion, a PE ratio of 25.30 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. Otis Worldwide’s payout ratio is 38.42%.

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.