Candriam S.C.A. Has $46.41 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Candriam S.C.A. lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 501,080 shares of the company’s stock after purchasing an additional 44,980 shares during the quarter. Candriam S.C.A. owned 0.13% of Otis Worldwide worth $46,405,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in OTIS. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC lifted its position in shares of Otis Worldwide by 485.5% in the fourth 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 bought a new stake in shares of Otis Worldwide in the fourth quarter worth $33,000. Capital Performance Advisors LLP bought a new stake in shares of Otis Worldwide in the third quarter worth $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the sale, the chief executive officer now directly owns 230,153 shares in the company, valued at $22,041,752.81. This represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 three months, insiders have sold 105,621 shares of company stock worth $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $101.47 on Thursday. The firm has a market capitalization of $40.23 billion, a PE ratio of 24.99 and a beta of 1.05. The company’s 50-day moving average is $95.50 and its 200-day moving average is $97.67. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued 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%. 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 initiated a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Analyst Ratings Changes

OTIS has been the topic of a number of research reports. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, 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 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.88.

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.