Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,566,587 shares of the company’s stock after acquiring an additional 115,508 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $331,300,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Flagship Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $34,000. Finally, Truvestments Capital LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $102.73 on Thursday. The firm has a fifty day moving average of $98.34 and a two-hundred day moving average of $98.53. The firm has a market cap of $40.73 billion, a P/E ratio of 25.30 and a beta of 1.05. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year 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 declared that its board has approved a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insiders Place Their Bets

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, 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 is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The stock was 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 of the company’s stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last 90 days. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on OTIS. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays upped their price target on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday. Wells Fargo & Company dropped 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 note on Thursday, January 30th. Finally, Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two 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 stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $103.00.

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.