Invesco Ltd. Acquires 302,414 Shares of Otis Worldwide Co. (NYSE:OTIS)

Invesco Ltd. lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 8.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,048,203 shares of the company’s stock after acquiring an additional 302,414 shares during the period. Invesco Ltd.’s holdings in Otis Worldwide were worth $374,904,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. M&T Bank Corp boosted its position in shares of Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares during the period. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock valued at $278,054,000 after acquiring an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. SVB Wealth LLC bought a new position in Otis Worldwide in the fourth quarter worth approximately $337,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Otis Worldwide by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company’s stock worth $213,418,000 after buying an additional 67,937 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peiming Zheng sold 32,694 shares of the company’s 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 completion of the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Up 3.7 %

NYSE OTIS opened at $94.25 on Thursday. The firm’s fifty day simple moving average is $98.98 and its two-hundred day simple moving average is $98.82. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market capitalization of $37.37 billion, a P/E ratio of 23.21 and a beta of 1.00.

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

Otis Worldwide declared that its Board of Directors has authorized a share repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays boosted their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. Finally, Wolfe Research downgraded 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 research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $100.88.

About Otis Worldwide

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.