William Allan Corp Purchases 1,198 Shares of Otis Worldwide Co. (NYSE:OTIS)

William Allan Corp grew its position in Otis Worldwide Co. (NYSE:OTIS) by 2.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 48,544 shares of the company’s stock after buying an additional 1,198 shares during the quarter. Otis Worldwide accounts for approximately 2.8% of William Allan Corp’s investment portfolio, making the stock its 14th biggest holding. William Allan Corp’s holdings in Otis Worldwide were worth $4,496,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. lifted its stake in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Sarasin & Partners LLP grew its holdings in Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after purchasing an additional 229,523 shares during the period. Finally, Wellington Management Group LLP raised its stake in Otis Worldwide by 11.9% in the third 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 and hedge funds.

Otis Worldwide Stock Up 1.4 %

OTIS stock opened at $95.91 on Friday. The company’s 50-day moving average price is $95.31 and its two-hundred day moving average price is $97.04. Otis Worldwide Co. has a 12 month low of $89.37 and a 12 month high of $106.33. The firm has a market cap of $38.31 billion, a P/E ratio of 23.62 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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%. Equities analysts predict that Otis Worldwide Co. will post 4.02 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction that occurred on 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 sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,481 shares of company stock worth $7,159,509 in the last 90 days. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Barclays decreased their price objective 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. UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. JPMorgan Chase & Co. lowered 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. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.88.

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.