Mn Services Vermogensbeheer B.V. Purchases 2,600 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mn Services Vermogensbeheer B.V. lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 159,600 shares of the company’s stock after purchasing an additional 2,600 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Otis Worldwide were worth $14,781,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings 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 buying an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after acquiring an additional 152,072 shares in the last quarter. Franklin Resources Inc. lifted its position in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after purchasing an additional 391,206 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.7 %

NYSE OTIS opened at $98.06 on Friday. The stock’s 50 day moving average is $94.97 and its 200 day moving average is $97.42. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The stock has a market cap of $38.88 billion, a PE ratio of 24.15 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.59%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide declared that its Board of Directors has approved a stock repurchase 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 typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wells Fargo & Company dropped their price target 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. Finally, Wolfe Research lowered 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.88.

Insiders Place Their Bets

In related news, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock worth $10,046,255 over the last quarter. 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.