Axa S.A. Acquires 27,285 Shares of Otis Worldwide Co. (NYSE:OTIS)

AXA S.A. boosted its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 14.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 221,479 shares of the company's stock after purchasing an additional 27,285 shares during the quarter. AXA S.A. owned about 0.06% of Otis Worldwide worth $20,511,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Transce3nd LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide during the fourth quarter valued at about $28,000. Fortitude Family Office LLC boosted its holdings in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter worth about $33,000. Finally, Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter worth about $34,000. Institutional investors own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,800 shares of company stock valued at $3,588,044 in the last quarter. Insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

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

Otis Worldwide Trading Down 0.3 %

Shares of OTIS stock traded down $0.26 during trading hours on Friday, reaching $97.06. The stock had a trading volume of 2,022,394 shares, compared to its average volume of 2,273,166. The stock's fifty day simple moving average is $98.58 and its 200 day simple moving average is $97.80. The firm has a market capitalization of $38.31 billion, a PE ratio of 23.91 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 released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter in the prior year, the firm posted $0.88 earnings per share. The business's quarterly revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership 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. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.73%. Otis Worldwide's payout ratio is presently 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.