Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 2.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,759,138 shares of the company’s stock after acquiring an additional 78,686 shares during the quarter. Wellington Management Group LLP’s holdings in Otis Worldwide were worth $348,134,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company’s stock worth $4,167,806,000 after acquiring an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company’s stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC boosted its position in Otis Worldwide by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. grew its stake in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Finally, Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter worth $649,883,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $104.01 on Wednesday. The stock’s 50 day moving average price is $99.03 and its 200 day moving average price is $98.86. The stock has a market cap of $41.24 billion, a price-to-earnings ratio of 25.62 and a beta of 1.05. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83.

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

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.50%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on OTIS shares. Wells Fargo & Company reduced 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 report on Thursday, January 30th. Barclays upped 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. Wolfe Research cut 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, JPMorgan Chase & Co. reduced their price objective 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. 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 company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $103.00.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 in the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

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.