Natixis Advisors LLC Purchases 23,869 Shares of Otis Worldwide Co. (NYSE:OTIS)

Natixis Advisors LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 280,918 shares of the company’s stock after purchasing an additional 23,869 shares during the quarter. Natixis Advisors LLC owned approximately 0.07% of Otis Worldwide worth $26,016,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. boosted its position in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after buying an additional 2,706,871 shares during the last quarter. Canoe Financial LP increased its stake 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 valued at $95,705,000 after buying an additional 904,157 shares during the period. National Bank of Canada FI raised its position in shares of Otis Worldwide by 274.2% during the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.8 %

Shares of OTIS stock opened at $101.41 on Tuesday. The firm has a market capitalization of $40.21 billion, a price-to-earnings ratio of 24.98 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. The firm has a fifty day moving average of $96.91 and a 200-day moving average of $98.16.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. Research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Insider Activity

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 value of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 over the last quarter. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. JPMorgan Chase & Co. dropped 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. Wells Fargo & Company dropped their price target 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. Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Two research 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, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Company 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.