The Manufacturers Life Insurance Company Has $23.66 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

The Manufacturers Life Insurance Company cut its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 59.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 255,460 shares of the company's stock after selling 380,737 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Otis Worldwide worth $23,658,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of OTIS. Transce3nd LLC bought a new stake in Otis Worldwide in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide during the 4th quarter worth about $28,000. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the 4th quarter worth approximately $33,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares of the company's stock, valued at $22,041,752.81. This represents a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,800 shares of company stock valued at $3,588,044 in the last 90 days. 0.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their target price on shares of 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 dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. 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 note on Monday, April 28th. Finally, Wells Fargo & Company dropped their price target 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. Two equities 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 company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $100.00.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.82 on Wednesday, reaching $97.01. 2,117,751 shares of the stock traded hands, compared to its average volume of 2,253,068. The firm has a market cap of $38.29 billion, a price-to-earnings ratio of 23.89 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The stock's 50-day moving average price is $98.69 and its 200-day moving average price is $97.86.

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, beating the consensus estimate 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 business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the business earned $0.88 EPS. The firm's revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts forecast 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 buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is 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.