Resona Asset Management Co. Ltd. Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Resona Asset Management Co. Ltd. bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 116,516 shares of the company’s stock, valued at approximately $10,806,000.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. IHT Wealth Management LLC grew its stake in shares of Otis Worldwide by 20.6% during the third quarter. IHT Wealth Management LLC now owns 5,464 shares of the company’s stock valued at $568,000 after acquiring an additional 935 shares in the last quarter. Morse Asset Management Inc acquired a new stake in Otis Worldwide during the 3rd quarter valued at approximately $130,000. Stifel Financial Corp increased its holdings in Otis Worldwide by 3.7% during the 3rd quarter. Stifel Financial Corp now owns 87,852 shares of the company’s stock worth $9,132,000 after purchasing an additional 3,120 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after purchasing an additional 391,206 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of Otis Worldwide by 40.4% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 28,114 shares of the company’s stock valued at $2,922,000 after buying an additional 8,093 shares during the last quarter. 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, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer now directly 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Barclays upped their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday, March 26th. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $103.00.

Otis Worldwide Trading Down 9.1 %

Shares of Otis Worldwide stock opened at $94.85 on Monday. Otis Worldwide Co. has a twelve month low of $88.24 and a twelve month high of $106.83. The stock has a market capitalization of $37.61 billion, a price-to-earnings ratio of 23.36 and a beta of 1.00. The business’s 50 day simple moving average is $99.32 and its 200-day simple moving average is $98.99.

Otis Worldwide (NYSE:OTIS) last posted 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 net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.64%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

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.