Otis Worldwide Co. (NYSE:OTIS) Shares Sold by ANTIPODES PARTNERS Ltd

ANTIPODES PARTNERS Ltd decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,679 shares of the company’s stock after selling 6,136 shares during the period. ANTIPODES PARTNERS Ltd’s holdings in Otis Worldwide were worth $5,713,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Geode Capital Management LLC increased its position in Otis Worldwide by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after purchasing an additional 152,072 shares during the period. Franklin Resources Inc. increased its position in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after purchasing an additional 2,706,871 shares during the period. Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock worth $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $99.97 on Thursday. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock’s 50 day moving average price is $96.43 and its 200 day moving average price is $97.98. The firm has a market cap of $39.64 billion, a P/E ratio of 24.62 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders 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 yield of 1.56%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction 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 in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.88.

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.