Otis Worldwide Co. (NYSE:OTIS) Position Boosted by UMB Bank n.a.

UMB Bank n.a. boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 2.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,929 shares of the company’s stock after buying an additional 137 shares during the period. UMB Bank n.a.’s holdings in Otis Worldwide were worth $456,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of Otis Worldwide by 41.0% in 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. Franklin Resources Inc. grew its holdings in shares of Otis Worldwide by 58.3% during the third 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. Van ECK Associates Corp raised its position in shares of Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after purchasing an additional 2,201,988 shares during the period. Canoe Financial LP lifted its holdings in shares of Otis Worldwide by 699.5% in 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 last quarter. Finally, National Bank of Canada FI boosted its position in Otis Worldwide by 274.2% during the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock valued at $74,250,000 after purchasing an additional 523,518 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $95.42 on Thursday. Otis Worldwide Co. has a 12-month low of $87.57 and a 12-month high of $106.33. The stock has a market capitalization of $38.11 billion, a PE ratio of 23.79 and a beta of 1.06. The firm has a 50 day simple moving average of $96.48 and a 200-day simple moving average of $97.25.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business posted $0.95 earnings per share. The firm’s revenue for the quarter was up .7% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Otis Worldwide announced that its board has initiated a share 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 reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have weighed in on OTIS shares. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 15th. Wolfe Research downgraded 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 report on Thursday, December 12th. Barclays reduced their target price 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. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.88.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate 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.