Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 229,249 shares of the company’s stock after acquiring an additional 428 shares during the period. Handelsbanken Fonder AB’s holdings in Otis Worldwide were worth $21,231,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. grew its position in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Otis Worldwide by 3,673.6% in the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after acquiring an additional 2,201,988 shares during the period. Canoe Financial LP lifted 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 worth $95,705,000 after acquiring an additional 904,157 shares during the period. Finally, National Bank of Canada FI lifted its stake in shares of Otis Worldwide by 274.2% in 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. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,621 shares of company stock worth $10,046,255 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the subject of several recent analyst reports. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Barclays reduced 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 note on Wednesday, January 8th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Stock Down 0.6 %

Shares of NYSE OTIS opened at $98.44 on Friday. The stock has a market capitalization of $39.03 billion, a price-to-earnings ratio of 24.25 and a beta of 1.06. The firm has a 50-day moving average price of $94.65 and a 200 day moving average price of $97.25. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its 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%. Equities research analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide Company 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.