Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Jennison Associates LLC

Jennison Associates LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 11.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,356,265 shares of the company’s stock after acquiring an additional 137,085 shares during the period. Jennison Associates LLC owned 0.33% of Otis Worldwide worth $121,345,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Otis Worldwide by 104.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after purchasing an additional 794,626 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in Otis Worldwide by 119.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after purchasing an additional 533,590 shares in the last quarter. Barclays PLC increased its holdings in Otis Worldwide by 82.1% in the 3rd quarter. Barclays PLC now owns 957,288 shares of the company’s stock valued at $76,878,000 after purchasing an additional 431,542 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Otis Worldwide by 64.9% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 774,386 shares of the company’s stock valued at $62,191,000 after purchasing an additional 304,669 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $96.29 on Tuesday. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35. The company’s 50-day simple moving average is $96.21 and its 200-day simple moving average is $89.09. The stock has a market capitalization of $38.92 billion, a price-to-earnings ratio of 28.40 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter last year, the company posted $0.75 earnings per share. As a group, research analysts forecast that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.41%. Otis Worldwide’s dividend payout ratio (DPR) is 40.12%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OTIS shares. Wells Fargo & Company lowered their price target on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Royal Bank of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $95.00.

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.