BNP Paribas Financial Markets Acquires New Stake in Otis Worldwide Co. (NYSE:OTIS)

BNP Paribas Financial Markets acquired a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 723,053 shares of the company's stock, valued at approximately $66,962,000. BNP Paribas Financial Markets owned about 0.18% of Otis Worldwide as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of OTIS. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Norges Bank bought a new position in Otis Worldwide in the 4th quarter worth about $649,883,000. Canoe Financial LP increased its position in shares of Otis Worldwide by 699.5% during the fourth 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 during the period. Northern Trust Corp raised its stake in shares of Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after acquiring an additional 501,016 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Otis Worldwide by 5.9% in the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after purchasing an additional 435,372 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price on 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. Barclays cut their target price 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. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Finally, Royal Bank of Canada cut their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $100.00.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares of the company's stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,800 shares of company stock worth $3,588,044. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 1.1 %

Shares of NYSE OTIS opened at $96.31 on Wednesday. The stock has a market cap of $38.01 billion, a price-to-earnings ratio of 23.72 and a beta of 1.01. The company has a 50 day simple moving average of $98.69 and a two-hundred day simple moving average of $97.86. 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 earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) 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 business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the company earned $0.88 earnings per share. The company's quarterly revenue was down 2.5% on a year-over-year basis. Analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.74%. 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 is presently 44.09%.

Otis Worldwide declared that its board has approved 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 repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is 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.

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