Forsta AP Fonden Has $12.25 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Forsta AP Fonden decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 132,300 shares of the company’s stock after selling 1,600 shares during the period. Forsta AP Fonden’s holdings in Otis Worldwide were worth $12,252,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Otis Worldwide by 1.4% in the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP grew its stake in shares of Otis Worldwide by 6.0% in the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on OTIS. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a research report on Wednesday, January 15th. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Wolfe Research downgraded 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, UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Price Performance

NYSE:OTIS opened at $94.75 on Thursday. The company has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06. The stock’s 50 day simple moving average is $96.12 and its two-hundred day simple moving average is $97.19. Otis Worldwide Co. has a 1 year low of $87.57 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results 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 negative return on equity of 31.28% and a net margin of 11.48%. As a group, analysts anticipate that Otis Worldwide Co. will post 3.86 EPS for the current year.

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

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.23% of the company’s stock.

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.