Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 229,249 shares of the company’s stock after purchasing an additional 428 shares during the period. Handelsbanken Fonder AB owned about 0.06% of Otis Worldwide worth $21,231,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Private Advisor Group LLC increased its stake in shares of Otis Worldwide by 2.8% during the fourth quarter. Private Advisor Group LLC now owns 21,404 shares of the company’s stock worth $1,982,000 after purchasing an additional 591 shares in the last quarter. Davidson Investment Advisors increased its stake in shares of Otis Worldwide by 1.6% during the fourth quarter. Davidson Investment Advisors now owns 173,540 shares of the company’s stock worth $16,072,000 after purchasing an additional 2,808 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Otis Worldwide during the 4th quarter valued at about $334,000. Kestra Investment Management LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at about $73,000. Finally, Venturi Wealth Management LLC grew its stake in Otis Worldwide by 223.0% during the 4th quarter. Venturi Wealth Management LLC now owns 927 shares of the company’s stock valued at $86,000 after acquiring an additional 640 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on OTIS shares. Wells Fargo & Company dropped 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 note 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 for the company. in a research note on Thursday, December 12th. Barclays dropped their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Finally, UBS Group started coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were 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 directly owns 169 shares in the company, valued at $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $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 three months, insiders have sold 105,621 shares of company stock worth $10,046,255. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $98.44 on Friday. The firm has a 50 day simple moving average of $94.65 and a 200-day simple moving average of $97.25. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.33. The stock has a market cap of $39.03 billion, a price-to-earnings ratio of 24.25 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted 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%. Equities analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its board has initiated a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.