Elo Mutual Pension Insurance Co Acquires 7,076 Shares of Otis Worldwide Co. (NYSE:OTIS)

Elo Mutual Pension Insurance Co grew its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 19.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 42,767 shares of the company’s stock after acquiring an additional 7,076 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $3,961,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cerity Partners LLC increased its stake in shares of Otis Worldwide by 41.7% in the 3rd quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock valued at $5,070,000 after acquiring an additional 14,348 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Otis Worldwide by 7.5% during the third quarter. Bank of Montreal Can now owns 409,792 shares of the company’s stock valued at $42,795,000 after buying an additional 28,436 shares during the last quarter. FMR LLC raised its position in Otis Worldwide by 2.9% in the 3rd quarter. FMR LLC now owns 3,536,108 shares of the company’s stock valued at $367,543,000 after buying an additional 101,278 shares during the last quarter. D.A. Davidson & CO. raised its holdings in shares of Otis Worldwide by 5.3% in the third quarter. D.A. Davidson & CO. now owns 13,490 shares of the company’s stock valued at $1,402,000 after purchasing an additional 681 shares during the last quarter. Finally, Townsquare Capital LLC increased its stake in Otis Worldwide by 7.4% in the 3rd quarter. Townsquare Capital LLC now owns 5,225 shares of the company’s stock valued at $543,000 after buying an additional 359 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of several recent analyst reports. Barclays boosted their price objective on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday. Wells Fargo & Company lowered their price target on 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 $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Finally, Wolfe Research downgraded shares of 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 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 data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS stock opened at $102.08 on Friday. The company has a 50 day simple moving average of $98.69 and a two-hundred day simple moving average of $98.63. The stock has a market cap of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83.

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

Otis Worldwide declared that its Board of Directors has approved a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.53%. Otis Worldwide’s dividend payout ratio (DPR) is 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.