Optas LLC Increases Position in Otis Worldwide Co. (NYSE:OTIS)

Optas LLC lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,889 shares of the company’s stock after acquiring an additional 367 shares during the period. Optas LLC’s holdings in Otis Worldwide were worth $545,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its position 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 purchasing an additional 8,161,946 shares during the period. Geode Capital Management LLC raised its position in shares of Otis Worldwide by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after purchasing an additional 152,072 shares during the last quarter. Franklin Resources Inc. raised 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 worth $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP lifted its holdings in Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after purchasing an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Otis Worldwide by 11.9% during the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after purchasing an additional 391,206 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.9 %

OTIS opened at $94.57 on Tuesday. The stock has a fifty day moving average of $95.75 and a 200-day moving average of $97.09. The firm has a market capitalization of $37.78 billion, a P/E ratio of 23.29 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts expect that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.65%. Otis Worldwide’s payout ratio is 38.42%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OTIS shares. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $102.88.

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.