Jacobs Levy Equity Management Inc. Has $128.35 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Jacobs Levy Equity Management Inc. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 15.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,385,894 shares of the company's stock after selling 261,731 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.35% of Otis Worldwide worth $128,348,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in OTIS. Transce3nd LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter valued at $28,000. Fortitude Family Office LLC boosted its holdings in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth $33,000. Finally, Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at about $34,000. Institutional investors own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the business's 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 transaction, the insider now directly owns 63,931 shares in the company, valued at $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 available at this link. Also, CEO Judith Fran Marks sold 28,440 shares of the company's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. The trade was a 11.00 % 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 90 days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on OTIS. JPMorgan Chase & Co. decreased their price objective on shares of 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 decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Finally, 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. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average price target of $100.00.

Otis Worldwide Price Performance

Shares of OTIS opened at $97.06 on Friday. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The stock's fifty day moving average price is $98.52 and its two-hundred day moving average price is $97.72. The firm has a market cap of $38.31 billion, a PE ratio of 23.91 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.88 EPS. Sell-side analysts anticipate 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 repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's payout ratio is currently 44.09%.

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.

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