MML Investors Services LLC Has $6.69 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

MML Investors Services LLC lifted its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,268 shares of the company's stock after buying an additional 3,060 shares during the period. MML Investors Services LLC's holdings in Otis Worldwide were worth $6,693,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Otis Worldwide in the 4th quarter worth $28,000. Fortitude Family Office LLC increased its stake in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the 4th quarter worth about $33,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the 4th quarter worth about $34,000. Finally, Golden State Wealth Management LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at about $34,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $0.36 during midday trading on Wednesday, hitting $95.26. The company had a trading volume of 770,000 shares, compared to its average volume of 2,229,426. The company has a 50 day moving average of $98.89 and a 200 day moving average of $98.15. The stock has a market capitalization of $37.69 billion, a P/E ratio of 23.46 and a beta of 1.00. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share 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 the consensus estimate 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 revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.88 EPS. Equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced 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 is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.76%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Otis Worldwide declared that its Board of Directors has initiated a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on OTIS shares. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Royal Bank of Canada reduced 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. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $100.00.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value 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 trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now owns 169 shares of the company's stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last quarter. Insiders own 0.23% of the company's stock.

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.