Norinchukin Bank The Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Norinchukin Bank The lifted its stake in Otis Worldwide Co. (NYSE:OTIS) by 9.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,133 shares of the company’s stock after acquiring an additional 1,566 shares during the period. Norinchukin Bank The’s holdings in Otis Worldwide were worth $1,679,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Morse Asset Management Inc bought a new position in shares of Otis Worldwide in the third quarter worth $130,000. M&T Bank Corp raised its holdings in shares of Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after acquiring an additional 9,979 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Otis Worldwide by 14.8% during the third quarter. Tidal Investments LLC now owns 32,445 shares of the company’s stock worth $3,372,000 after purchasing an additional 4,172 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its stake in Otis Worldwide by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company’s stock valued at $7,519,000 after purchasing an additional 2,273 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $98.53 on Monday. The company has a market capitalization of $39.07 billion, a P/E ratio of 24.27 and a beta of 1.00. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a 50 day moving average price of $99.30 and a two-hundred day moving average price of $98.53.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its board has initiated a share repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wells Fargo & Company decreased 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 report on Thursday, January 30th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. 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, March 26th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $100.88.

Insiders Place Their Bets

In other Otis Worldwide news, 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 transaction of $450,807.75. Following the sale, the executive vice president now directly 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the 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 transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by company insiders.

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.