215,542 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 215,542 shares of the company’s stock, valued at approximately $19,961,000.

A number of other hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Geode Capital Management LLC increased its position in Otis Worldwide by 1.4% during the third 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 during the period. Franklin Resources Inc. increased its position in Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the period. Sarasin & Partners LLP increased its holdings in Otis Worldwide by 6.0% in the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after buying an additional 229,523 shares during the period. Finally, Wellington Management Group LLP increased its holdings in 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 buying an additional 391,206 shares during the period. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on OTIS. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.88.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 in the last ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 0.9 %

Shares of Otis Worldwide stock opened at $100.97 on Friday. The firm has a market capitalization of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. The firm’s 50 day moving average is $97.73 and its 200 day moving average is $98.34. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 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, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide declared that its Board of Directors has initiated a share 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 reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.