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

Jennison Associates LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 34.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 766,705 shares of the company’s stock after selling 411,852 shares during the period. Jennison Associates LLC’s holdings in Otis Worldwide were worth $71,005,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Resonant Capital Advisors LLC grew its position in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after acquiring an additional 105 shares during the period. Greenleaf Trust grew its holdings in Otis Worldwide by 3.3% in the fourth quarter. Greenleaf Trust now owns 10,481 shares of the company’s stock valued at $971,000 after purchasing an additional 333 shares during the period. Spire Wealth Management increased its position in shares of Otis Worldwide by 43.2% in the fourth quarter. Spire Wealth Management now owns 1,299 shares of the company’s stock valued at $120,000 after buying an additional 392 shares in the last quarter. DAVENPORT & Co LLC increased its position in shares of Otis Worldwide by 1.4% in the fourth quarter. DAVENPORT & Co LLC now owns 14,173 shares of the company’s stock valued at $1,313,000 after buying an additional 197 shares in the last quarter. Finally, Caprock Group LLC raised its stake in shares of Otis Worldwide by 97.3% during the 4th quarter. Caprock Group LLC now owns 9,195 shares of the company’s stock worth $852,000 after buying an additional 4,534 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. 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 note on Thursday, December 12th. UBS Group started coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Wells Fargo & Company lowered their price objective 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. Finally, Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Down 0.9 %

OTIS stock opened at $94.57 on Tuesday. The company has a market cap of $37.78 billion, a price-to-earnings ratio of 23.29 and a beta of 1.06. The firm has a 50-day moving average of $95.75 and a two-hundred day moving average of $97.09. Otis Worldwide Co. has a 12 month low of $89.37 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates 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 4.02 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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

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.