Nomura Asset Management Co. Ltd. Has $11.01 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Nomura Asset Management Co. Ltd. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,882 shares of the company’s stock after selling 2,164 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $11,010,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. M&T Bank Corp grew its holdings in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares during the last quarter. PineStone Asset Management Inc. grew its stake in Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after buying an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $337,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 3.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after acquiring an additional 67,937 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $102.08 on Monday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The firm has a market capitalization of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05. The company’s 50 day simple moving average is $98.69 and its 200 day simple moving average is $98.72.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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%. Sell-side analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its board has authorized a stock buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OTIS shares. Wells Fargo & Company cut their price objective on 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. JPMorgan Chase & Co. reduced their price target on shares of 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 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, Barclays upped their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.00.

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.