Otis Worldwide Co. (NYSE:OTIS) Holdings Raised by AQR Capital Management LLC

AQR Capital Management LLC raised its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 34.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 378,542 shares of the company's stock after buying an additional 96,105 shares during the period. AQR Capital Management LLC owned approximately 0.10% of Otis Worldwide worth $35,057,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Norges Bank acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $649,883,000. Franklin Resources Inc. lifted its holdings in shares of Otis Worldwide by 58.3% during 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 boosted its stake in shares of Otis Worldwide by 699.5% during the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock worth $95,705,000 after acquiring an additional 904,157 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after purchasing an additional 501,016 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares of the company's stock, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, 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. In the last ninety days, insiders sold 36,800 shares of company stock valued at $3,588,044. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Royal Bank of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Finally, Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $100.00.

Otis Worldwide Stock Up 0.6 %

NYSE OTIS traded up $0.58 during trading on Thursday, hitting $97.90. 1,937,266 shares of the stock traded hands, compared to its average volume of 2,259,639. The firm has a 50-day simple moving average of $98.64 and a 200-day simple moving average of $97.85. The company has a market capitalization of $38.64 billion, a P/E ratio of 24.11 and a beta of 1.01. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The company's revenue was down 2.5% on a year-over-year basis. As a group, research analysts predict that Otis Worldwide Co. will post 4.04 EPS 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 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.72%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

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.