Brown Brothers Harriman & Co. Grows Holdings in Otis Worldwide Co. (NYSE:OTIS)

Brown Brothers Harriman & Co. boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,035,358 shares of the company’s stock after acquiring an additional 16,822 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Otis Worldwide were worth $95,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of OTIS. Cerity Partners LLC grew its holdings in Otis Worldwide by 41.7% during the 3rd quarter. Cerity Partners LLC now owns 48,773 shares of the company’s stock valued at $5,070,000 after buying an additional 14,348 shares in the last quarter. Bank of Montreal Can increased its holdings in Otis Worldwide by 7.5% in the 3rd quarter. Bank of Montreal Can now owns 409,792 shares of the company’s stock valued at $42,795,000 after acquiring an additional 28,436 shares during the last quarter. FMR LLC lifted its stake in Otis Worldwide by 2.9% in the 3rd quarter. FMR LLC now owns 3,536,108 shares of the company’s stock worth $367,543,000 after purchasing an additional 101,278 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Otis Worldwide by 5.3% during the 3rd 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 grew its position in shares of Otis Worldwide by 7.4% during the third quarter. Townsquare Capital LLC now owns 5,225 shares of the company’s stock valued at $543,000 after purchasing an additional 359 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last 90 days. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Finally, Barclays upped their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $103.00.

Otis Worldwide Stock Performance

NYSE OTIS opened at $102.08 on Friday. The company has a market cap of $40.48 billion, a P/E ratio of 25.14 and a beta of 1.05. The business’s 50 day moving average price is $98.69 and its 200-day moving average price is $98.63. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its 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%. As a group, equities analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

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

Otis Worldwide Announces Dividend

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