Loomis Sayles & Co. L P Invests $55,000 in Otis Worldwide Co. (NYSE:OTIS)

Loomis Sayles & Co. L P purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 597 shares of the company’s stock, valued at approximately $55,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Otis Worldwide by 2.9% during the 3rd quarter. FMR LLC now owns 3,536,108 shares of the company’s stock worth $367,543,000 after purchasing an additional 101,278 shares in the last quarter. D.A. Davidson & CO. lifted its stake in shares of Otis Worldwide by 5.3% in the third quarter. D.A. Davidson & CO. now owns 13,490 shares of the company’s stock valued at $1,402,000 after purchasing an additional 681 shares during the period. Townsquare Capital LLC boosted its holdings in Otis Worldwide by 7.4% during the third quarter. Townsquare Capital LLC now owns 5,225 shares of the company’s stock worth $543,000 after buying an additional 359 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Otis Worldwide during the third quarter worth about $230,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Otis Worldwide by 10.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 142,724 shares of the company’s stock worth $14,835,000 after buying an additional 13,246 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Barclays boosted their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $103.00.

Otis Worldwide Stock Down 0.9 %

Shares of NYSE:OTIS opened at $102.08 on Monday. The company has a market capitalization of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The stock’s fifty day simple moving average is $98.69 and its 200-day simple moving average is $98.72.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its board has initiated a share buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. Company insiders own 0.23% of the company’s stock.

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.