Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Schroder Investment Management Group

Schroder Investment Management Group boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,402,879 shares of the company’s stock after acquiring an additional 155,670 shares during the quarter. Schroder Investment Management Group owned about 0.61% of Otis Worldwide worth $222,435,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fortitude Family Office LLC raised its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $33,000. Flagship Wealth Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter worth $34,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter worth $34,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at about $37,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reduced 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. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Barclays upped their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.00.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction 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 $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $102.08 on Friday. The company has a market cap of $40.48 billion, a price-to-earnings ratio of 25.14 and a beta of 1.05. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The business’s fifty day moving average is $98.69 and its two-hundred day moving average is $98.68.

Otis Worldwide (NYSE:OTIS) last issued 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%. On average, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.