JPMorgan Chase & Co. Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

JPMorgan Chase & Co. raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 41.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,076,031 shares of the company’s stock after acquiring an additional 8,161,946 shares during the quarter. JPMorgan Chase & Co. owned approximately 7.03% of Otis Worldwide worth $2,918,223,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of OTIS. Optas LLC raised its holdings in Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after acquiring an additional 118 shares during the period. Rehmann Capital Advisory Group lifted its holdings in Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares in the last quarter. Brighton Jones LLC boosted its stake in Otis Worldwide by 5.0% in the 2nd quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock worth $248,000 after purchasing an additional 124 shares during the period. Groupama Asset Managment grew its holdings in Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock valued at $980,000 after buying an additional 132 shares in the last quarter. Finally, Resonant Capital Advisors LLC increased its position in shares of Otis Worldwide by 4.6% during the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after buying an additional 150 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on OTIS shares. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $104.50.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Up 0.2 %

Shares of OTIS traded up $0.15 during mid-day trading on Thursday, hitting $94.15. 605,004 shares of the company’s stock traded hands, compared to its average volume of 2,074,386. The firm has a market capitalization of $37.61 billion, a P/E ratio of 23.48 and a beta of 1.04. The business’s 50-day moving average price is $99.89 and its 200-day moving average price is $97.76. Otis Worldwide Co. has a 1 year low of $85.42 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is currently 38.90%.

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.