Jennison Associates LLC Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Jennison Associates LLC lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 34.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 766,705 shares of the company’s stock after selling 411,852 shares during the quarter. Jennison Associates LLC owned 0.19% of Otis Worldwide worth $71,005,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in OTIS. M&T Bank Corp grew its position in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares during the period. JPMorgan Chase & Co. increased its position in shares of 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 purchasing an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after buying an additional 9,979 shares during the period. Finally, Guinness Asset Management LTD lifted its position in Otis Worldwide by 4.6% in the third quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company’s stock worth $192,389,000 after buying an additional 81,045 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent analyst reports. UBS Group assumed 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 on the stock. 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 report on Thursday, January 30th. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wolfe Research downgraded 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. Finally, Barclays cut their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Trading Down 0.9 %

OTIS opened at $94.57 on Tuesday. The company has a market capitalization of $37.78 billion, a price-to-earnings ratio of 23.29 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The business’s fifty day simple moving average is $95.75 and its 200-day simple moving average is $97.09.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 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%. On average, equities research analysts predict that Otis Worldwide Co. will post 4.02 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

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

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

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.