JPMorgan Chase & Co. Grows Holdings in Otis Worldwide Co. (NYSE:OTIS)

JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 26.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,523,891 shares of the company’s stock after purchasing an additional 7,447,860 shares during the period. JPMorgan Chase & Co. owned 8.96% of Otis Worldwide worth $3,289,868,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Resonant Capital Advisors LLC grew its holdings in shares of Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after acquiring an additional 105 shares during the last quarter. Montis Financial LLC grew its stake in shares of Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its stake in shares of Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after acquiring an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after buying an additional 122 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 38,012 shares of the company’s 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 $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last ninety days. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on OTIS. Wells Fargo & Company dropped their price objective 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. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. JPMorgan Chase & Co. decreased their price objective 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, Barclays boosted their target price on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday. Two 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 stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $103.00.

Otis Worldwide Stock Up 1.3 %

NYSE:OTIS opened at $102.73 on Thursday. The firm has a market capitalization of $40.73 billion, a PE ratio of 25.30 and a beta of 1.05. The stock’s 50-day simple moving average is $98.34 and its 200 day simple moving average is $98.53. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.

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 negative return on equity of 31.76% and a net margin of 11.53%. On average, analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its board has authorized a stock buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently announced 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. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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.