Fmr LLC Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Fmr LLC lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,622,551 shares of the company’s stock after buying an additional 86,443 shares during the period. Fmr LLC owned about 0.91% of Otis Worldwide worth $335,484,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Otis Worldwide by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock valued at $4,167,806,000 after buying an additional 149,123 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock valued at $1,031,787,000 after acquiring an additional 95,035 shares during the period. Franklin Resources Inc. grew its position in Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock worth $720,980,000 after acquiring an additional 435,372 shares during the last quarter. Finally, Norges Bank purchased a new position in Otis Worldwide in the 4th quarter worth approximately $649,883,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a report on Tuesday. Wells Fargo & Company cut their price target 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. Barclays upped their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $100.88.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $94.44 on Friday. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The company’s 50-day moving average is $98.98 and its 200 day moving average is $98.79. The stock has a market capitalization of $37.45 billion, a P/E ratio of 23.26 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its 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%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

About Otis Worldwide

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.