Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Van Lanschot Kempen Investment Management N.V.

Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 170,512 shares of the company's stock after purchasing an additional 2,731 shares during the quarter. Van Lanschot Kempen Investment Management N.V.'s holdings in Otis Worldwide were worth $15,791,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of OTIS. Vanguard Group Inc. increased its stake 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 worth $4,167,806,000 after acquiring an additional 149,123 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Geode Capital Management LLC increased its stake in shares of Otis Worldwide by 0.9% in the fourth 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 period. Franklin Resources Inc. increased its stake in shares of Otis Worldwide by 5.9% in the fourth 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 period. Finally, Norges Bank acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $649,883,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of recent analyst reports. Barclays lowered 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. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $100.63.

Otis Worldwide Stock Up 0.2 %

Shares of Otis Worldwide stock traded up $0.22 during mid-day trading on Friday, reaching $92.96. 4,901,071 shares of the stock traded hands, compared to its average volume of 2,222,304. The business has a 50-day moving average of $99.06 and a 200 day moving average of $98.24. 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 capitalization of $36.86 billion, a PE ratio of 22.90 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 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change 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 1.81%. Otis Worldwide's dividend payout ratio is 44.09%.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,281 shares of company stock worth $10,747,553. Company 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.