Wellington Management Group LLP Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

Wellington Management Group LLP grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,759,138 shares of the company’s stock after purchasing an additional 78,686 shares during the quarter. Wellington Management Group LLP owned approximately 0.95% of Otis Worldwide worth $348,134,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OTIS. Fortitude Family Office LLC grew its holdings in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $34,000. Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter worth $34,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $37,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 over the last 90 days. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Up 0.8 %

Otis Worldwide stock opened at $104.01 on Wednesday. The firm has a fifty day moving average of $99.03 and a 200-day moving average of $98.86. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The firm has a market capitalization of $41.24 billion, a P/E ratio of 25.62 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) 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, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has initiated a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.50%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OTIS. Wolfe Research downgraded 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. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Barclays raised their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th. Finally, Wells Fargo & Company dropped their price target on shares of 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $103.00.

About Otis Worldwide

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.