AGF Management Ltd. Purchases 24,903 Shares of Otis Worldwide Co. (NYSE:OTIS)

AGF Management Ltd. grew its position in Otis Worldwide Co. (NYSE:OTIS) by 369.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,646 shares of the company’s stock after acquiring an additional 24,903 shares during the quarter. AGF Management Ltd.’s holdings in Otis Worldwide were worth $2,931,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of OTIS. JPMorgan Chase & Co. raised its stake in shares of 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 in the last quarter. Franklin Resources Inc. increased its holdings in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after buying an additional 2,706,871 shares during the period. Canoe Financial LP raised its stake in shares of Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock valued at $95,705,000 after buying an additional 904,157 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Otis Worldwide by 274.2% during the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Otis Worldwide by 11.9% during the 3rd 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.

Otis Worldwide Stock Performance

Shares of OTIS opened at $99.97 on Thursday. The company has a market cap of $39.64 billion, a price-to-earnings ratio of 24.62 and a beta of 1.05. The stock has a fifty day moving average price of $96.43 and a two-hundred day moving average price of $97.98. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 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 transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last quarter. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

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