Franklin Resources Inc. Increases Stake in Otis Worldwide Co. (NYSE:OTIS)

Franklin Resources Inc. raised its position in Otis Worldwide Co. (NYSE:OTIS) by 58.3% in the 3rd quarter, Holdings Channel reports. The fund owned 7,349,744 shares of the company’s stock after acquiring an additional 2,706,871 shares during the period. Franklin Resources Inc.’s holdings in Otis Worldwide were worth $774,863,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC grew its holdings 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. Massachusetts Financial Services Co. MA boosted its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares in the last quarter. Sarasin & Partners LLP grew its stake in shares of Otis Worldwide by 27.2% during the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares during the period. Wellington Management Group LLP increased its holdings in shares of 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 purchasing an additional 391,206 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after purchasing an additional 15,021 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $97.79 on Friday. The stock has a fifty day moving average of $101.40 and a two-hundred day moving average of $97.98. The company has a market capitalization of $39.06 billion, a price-to-earnings ratio of 24.39 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. On average, analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several recent analyst reports. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays downgraded Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective for the company. in a research note on Thursday, December 5th. Wells Fargo & Company decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $104.50.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company’s stock.

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.