Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Royal London Asset Management Ltd.

Royal London Asset Management Ltd. increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 208,406 shares of the company’s stock after purchasing an additional 7,151 shares during the period. Royal London Asset Management Ltd. owned 0.05% of Otis Worldwide worth $19,300,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. M&T Bank Corp raised its position in shares of Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after acquiring an additional 4,918 shares in the last quarter. PineStone Asset Management Inc. grew its stake in Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after acquiring an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Finally, SVB Wealth LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at about $337,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. dropped their price objective 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. Wells Fargo & Company dropped their price objective 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. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Finally, Barclays dropped their price objective 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % 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 stock in a transaction that occurred on 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 in the company, 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. In the last quarter, insiders sold 112,281 shares of company stock valued at $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $100.97 on Friday. The firm has a 50 day simple moving average of $97.73 and a 200-day simple moving average of $98.31. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The stock has a market cap of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05.

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

Otis Worldwide Announces Dividend

The business also recently disclosed 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. 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 1.54%. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide announced that its board has initiated a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.