Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Cetera Investment Advisers

Cetera Investment Advisers raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,797 shares of the company’s stock after acquiring an additional 1,943 shares during the period. Cetera Investment Advisers’ holdings in Otis Worldwide were worth $4,334,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock valued at $3,289,868,000 after purchasing an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Otis Worldwide by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company’s stock valued at $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company’s stock valued at $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 6,660 shares of the company’s 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 completion of the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Down 0.8%

Shares of Otis Worldwide stock opened at $96.18 on Thursday. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The company has a 50 day moving average of $98.18 and a 200 day moving average of $97.65. The company has a market capitalization of $37.96 billion, a P/E ratio of 23.69 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. As a group, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock repurchase 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 often an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.75%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s payout ratio is currently 44.09%.

Analyst Ratings Changes

OTIS has been the subject of a number of research reports. Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $98.86.

Otis Worldwide Company 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.