Amundi Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Amundi lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 32.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 882,043 shares of the company’s stock after acquiring an additional 214,651 shares during the period. Amundi owned 0.22% of Otis Worldwide worth $80,963,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC lifted 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 purchasing an additional 267 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter worth $34,000. Truvestments Capital LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $36,000. Finally, Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $33,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 2.6 %

NYSE:OTIS opened at $101.17 on Wednesday. The company has a market capitalization of $40.12 billion, a PE ratio of 24.92 and a beta of 1.05. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The stock has a fifty day simple moving average of $96.28 and a 200-day simple moving average of $97.97.

Otis Worldwide (NYSE:OTIS) last released 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its board has approved a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Finally, Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Two equities research 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $102.88.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, 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 can be accessed through this hyperlink. 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 value 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 represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 in the last 90 days. 0.23% of the stock is currently owned by insiders.

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.