Amundi Boosts Holdings in Otis Worldwide Co. (NYSE:OTIS)

Amundi raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 32.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 882,043 shares of the company’s stock after buying an additional 214,651 shares during the quarter. Amundi’s holdings in Otis Worldwide were worth $80,963,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Resonant Capital Advisors LLC grew its holdings in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after buying an additional 105 shares during the period. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its stake in shares of Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after purchasing an additional 117 shares in the last quarter. Rehmann Capital Advisory Group lifted its stake in shares of Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after purchasing an additional 122 shares in the last quarter. Finally, PFG Investments LLC lifted its stake in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after purchasing an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 in the last three months. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $101.17 on Wednesday. The stock’s 50 day moving average price is $96.28 and its 200 day moving average price is $97.97. The firm has a market capitalization of $40.12 billion, a PE ratio of 24.92 and a beta of 1.05. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83.

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

Otis Worldwide announced that its Board of Directors has authorized a share buyback 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company reduced their price objective 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. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. JPMorgan Chase & Co. reduced their price objective 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. Finally, Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.88.

About Otis Worldwide

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.