Marshall Wace LLP Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Marshall Wace LLP decreased its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 87.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,362 shares of the company's stock after selling 30,439 shares during the period. Marshall Wace LLP's holdings in Otis Worldwide were worth $404,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $649,883,000. Franklin Resources Inc. boosted its stake 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 valued at $774,863,000 after purchasing an additional 2,706,871 shares in the last quarter. Canoe Financial LP boosted its position in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after purchasing an additional 904,157 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Otis Worldwide by 8.1% during the fourth quarter. Invesco Ltd. now owns 4,048,203 shares of the company's stock valued at $374,904,000 after buying an additional 302,414 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the 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 owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 230,153 shares of the company's stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,800 shares of company stock worth $3,588,044 in the last three months. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Down 0.2 %

OTIS stock traded down $0.16 during trading on Friday, reaching $97.16. 481,747 shares of the stock were exchanged, compared to its average volume of 2,591,034. The business has a 50 day moving average price of $98.58 and a 200-day moving average price of $97.80. The firm has a market capitalization of $38.35 billion, a price-to-earnings ratio of 23.93 and a beta of 1.01. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83.

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

Otis Worldwide announced that its Board of Directors has authorized a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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 paid a $0.42 dividend. The ex-dividend date is Friday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. Otis Worldwide's payout ratio is presently 44.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Finally, Barclays cut their price target 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $100.00.

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.