Oxford Asset Management LLP Purchases New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Oxford Asset Management LLP purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,157 shares of the company's stock, valued at approximately $292,000.

A number of other institutional investors also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares in the last quarter. Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter worth $649,883,000. Franklin Resources Inc. raised its stake in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after buying an additional 2,706,871 shares in the last quarter. Canoe Financial LP raised its stake in shares of Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock worth $95,705,000 after buying an additional 904,157 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Otis Worldwide by 8.1% in the 4th quarter. Invesco Ltd. now owns 4,048,203 shares of the company's stock worth $374,904,000 after buying an additional 302,414 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $1.43 on Wednesday, reaching $96.33. The stock had a trading volume of 3,275,540 shares, compared to its average volume of 2,240,041. The business's 50-day moving average price is $98.85 and its two-hundred day moving average price is $98.14. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a market cap of $38.11 billion, a P/E ratio of 23.73 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide's revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 earnings per share. As a group, equities analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, May 16th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is 44.09%.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes 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 board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction dated 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 completion of 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 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 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.