Otis Worldwide Co. (NYSE:OTIS) Shares Bought by iSAM Funds UK Ltd

iSAM Funds UK Ltd raised its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 112.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,309 shares of the company's stock after purchasing an additional 5,466 shares during the quarter. iSAM Funds UK Ltd's holdings in Otis Worldwide were worth $955,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Norges Bank purchased a new stake in shares of Otis Worldwide during the 4th quarter worth about $649,883,000. BNP Paribas Financial Markets purchased a new stake in shares of Otis Worldwide during the 4th quarter worth about $66,962,000. Northern Trust Corp boosted its stake in shares of Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after acquiring an additional 501,016 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after acquiring an additional 435,372 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. The trade was a 9.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Down 0.5%

OTIS stock traded down $0.44 during midday trading on Friday, hitting $96.74. The company's stock had a trading volume of 2,286,762 shares, compared to its average volume of 2,333,170. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The firm has a market capitalization of $38.18 billion, a P/E ratio of 23.83 and a beta of 1.01. The firm has a 50-day simple moving average of $97.72 and a 200-day simple moving average of $97.54.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating 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 company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same quarter last year, the company posted $0.88 EPS. The firm's revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal 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 given 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 1.74%. The ex-dividend date is Friday, May 16th. Otis Worldwide's payout ratio is 44.09%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Royal Bank of Canada cut their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Barclays cut their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Friday, April 25th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company cut their price objective 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide has an average rating of "Hold" and an average target price of $100.71.

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.