Nomura Asset Management Co. Ltd. Has $11.01 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Nomura Asset Management Co. Ltd. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,882 shares of the company’s stock after selling 2,164 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $11,010,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Resonant Capital Advisors LLC lifted its position in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares in the last quarter. Montis Financial LLC boosted its position in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after purchasing an additional 110 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its position in shares of Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock worth $600,000 after purchasing an additional 117 shares during the last quarter. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after buying an additional 122 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Transactions at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Down 0.9 %

Otis Worldwide stock opened at $102.08 on Monday. The company has a market capitalization of $40.48 billion, a price-to-earnings ratio of 25.14 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. The stock’s 50 day moving average is $98.69 and its 200-day moving average is $98.72.

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

Otis Worldwide announced that its Board of Directors has authorized a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.53%. Otis Worldwide’s payout ratio is presently 38.42%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on OTIS shares. Wolfe Research downgraded 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. Barclays upped their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday, March 26th. Wells Fargo & Company reduced their price target 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. Finally, JPMorgan Chase & Co. dropped 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. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently 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.