O Shaughnessy Asset Management LLC Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

O Shaughnessy Asset Management LLC increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,005 shares of the company’s stock after purchasing an additional 3,155 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Otis Worldwide were worth $3,520,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 41.0% during the 3rd 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 during the period. Norges Bank purchased a new stake in Otis Worldwide in the fourth quarter valued at $649,883,000. Franklin Resources Inc. lifted its stake in shares of 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. Canoe Financial LP grew its holdings in shares of Otis Worldwide by 699.5% during the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after purchasing an additional 904,157 shares during the period. Finally, National Bank of Canada FI increased its position in shares of Otis Worldwide by 274.2% during the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after purchasing an additional 523,518 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent analyst reports. 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 research report on Wednesday, March 26th. Wells Fargo & Company lowered 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 report on Thursday, January 30th. JPMorgan Chase & Co. cut their target price on 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, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $103.00.

Otis Worldwide Trading Down 0.0 %

Shares of NYSE OTIS opened at $104.02 on Thursday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The stock has a market cap of $41.25 billion, a P/E ratio of 25.62 and a beta of 1.05. The business’s fifty day simple moving average is $99.20 and its 200-day simple moving average is $98.90.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. On average, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has approved a stock buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.50%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

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.