Hsbc Holdings PLC Has $72.04 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Hsbc Holdings PLC raised its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 778,174 shares of the company's stock after purchasing an additional 27,742 shares during the quarter. Hsbc Holdings PLC owned about 0.20% of Otis Worldwide worth $72,035,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Morse Asset Management Inc purchased a new position in shares of Otis Worldwide in the third quarter valued at $130,000. Wilmington Savings Fund Society FSB boosted its position in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock valued at $1,385,000 after buying an additional 9,979 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Otis Worldwide by 14.8% during the third quarter. Tidal Investments LLC now owns 32,445 shares of the company's stock valued at $3,372,000 after acquiring an additional 4,172 shares in the last quarter. Peapack Gladstone Financial Corp grew its stake in shares of Otis Worldwide by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company's stock valued at $7,519,000 after acquiring an additional 2,273 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Otis Worldwide by 58.3% during the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after acquiring an additional 2,706,871 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

NYSE:OTIS traded up $0.46 during midday trading on Wednesday, reaching $95.36. 876,571 shares of the company traded hands, compared to its average volume of 2,229,763. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The company has a fifty day moving average price of $98.89 and a 200 day moving average price of $98.15. The firm has a market capitalization of $37.73 billion, a price-to-earnings ratio of 23.51 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly 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. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company's quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 earnings per share. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has authorized a share buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

Otis Worldwide Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. Otis Worldwide's payout ratio is currently 44.09%.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 in the last three months. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price objective 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. Barclays decreased their price target on shares of 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 cut their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday. Finally, Wells Fargo & Company decreased 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 research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $100.00.

Otis Worldwide 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.