Natixis Acquires New Stake in Otis Worldwide Co. (NYSE:OTIS)

Natixis bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,346 shares of the company's stock, valued at approximately $958,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the last quarter. Franklin Resources Inc. boosted its holdings in 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 during the last quarter. Finally, Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter worth $649,883,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded up $0.63 during trading on Tuesday, reaching $94.28. 588,932 shares of the stock traded hands, compared to its average volume of 2,224,518. The stock has a market capitalization of $37.30 billion, a P/E ratio of 23.22 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. The company has a 50-day moving average of $98.97 and a 200-day moving average of $98.17.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the business earned $0.88 earnings per share. The company's quarterly revenue was down 2.5% on a year-over-year basis. Analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often 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. 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 1.78%. 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%.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company cut their price objective 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, Royal Bank of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus 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.