Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Dorsey & Whitney Trust CO LLC

Dorsey & Whitney Trust CO LLC raised its position in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,945 shares of the company’s stock after purchasing an additional 114 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Otis Worldwide were worth $643,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings 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 last quarter. Geode Capital Management LLC grew its holdings in 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. grew its holdings in 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 holdings in 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 purchasing an additional 229,523 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in 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 purchasing an additional 391,206 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. UBS Group initiated 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. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Trading Up 1.5 %

Shares of NYSE:OTIS opened at $104.08 on Monday. The stock’s 50-day moving average price is $95.88 and its two-hundred day moving average price is $97.85. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The firm has a market cap of $41.27 billion, a price-to-earnings ratio of 25.63 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued 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 1.50%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the sale, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 in the last three months. 0.23% of the stock is currently owned by company insiders.

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.