Ensign Peak Advisors Inc Sells 48,736 Shares of Otis Worldwide Co. (NYSE:OTIS)

Ensign Peak Advisors Inc lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 22.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 172,971 shares of the company's stock after selling 48,736 shares during the quarter. Ensign Peak Advisors Inc's holdings in Otis Worldwide were worth $16,019,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Principal Financial Group Inc. increased its stake in shares of Otis Worldwide by 1.3% in the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company's stock worth $48,960,000 after purchasing an additional 6,261 shares during the period. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Otis Worldwide by 4.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 27,796 shares of the company's stock worth $2,574,000 after buying an additional 1,220 shares during the last quarter. Graypoint LLC boosted its position in shares of Otis Worldwide by 3.7% in the fourth quarter. Graypoint LLC now owns 4,267 shares of the company's stock valued at $395,000 after acquiring an additional 152 shares during the period. Finally, Czech National Bank grew its stake in shares of Otis Worldwide by 6.1% in the fourth quarter. Czech National Bank now owns 86,612 shares of the company's stock worth $8,021,000 after acquiring an additional 5,015 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $1.78 on Thursday, hitting $97.82. The company's stock had a trading volume of 5,922,668 shares, compared to its average volume of 2,311,476. The company has a market capitalization of $38.61 billion, a PE ratio of 24.09 and a beta of 1.01. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The company has a 50 day moving average price of $98.18 and a 200 day moving average price of $97.65.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate 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 company 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 business earned $0.88 earnings per share. The business's revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio is 44.09%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. 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 report on Thursday, April 24th. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada dropped their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Finally, Barclays decreased 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $98.86.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by company insiders.

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.