Mirae Asset Global Investments Co. Ltd. Boosts Stake in Otis Worldwide Co. (NYSE:OTIS)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 38.3% during the 4th quarter, HoldingsChannel reports. The fund owned 61,884 shares of the company’s stock after acquiring an additional 17,149 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Otis Worldwide were worth $5,731,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OTIS. Riverview Trust Co bought a new stake in Otis Worldwide in the third quarter worth $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at about $29,000. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in Otis Worldwide in the 3rd quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction 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 transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,481 shares of company stock worth $7,159,509. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the topic of several recent analyst reports. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. 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 note on Thursday, January 30th. Barclays lowered their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $94.83 on Friday. The company has a market capitalization of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The company’s 50-day moving average is $95.14 and its 200 day moving average is $97.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates 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, research analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has initiated a stock buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

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.