JPMorgan Chase & Co. Acquires 7,447,860 Shares of Otis Worldwide Co. (NYSE:OTIS)

JPMorgan Chase & Co. increased its stake in Otis Worldwide Co. (NYSE:OTIS) by 26.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,523,891 shares of the company’s stock after purchasing an additional 7,447,860 shares during the quarter. JPMorgan Chase & Co. owned 0.09% of Otis Worldwide worth $3,289,868,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Fortitude Family Office LLC boosted 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 during the period. Truvestments Capital LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $36,000. Centricity Wealth Management LLC purchased a new position in Otis Worldwide during the fourth quarter worth $33,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide during the 4th quarter valued at about $34,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.3 %

OTIS stock opened at $102.73 on Thursday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The business has a 50 day moving average price of $98.34 and a 200 day moving average price of $98.53. The stock has a market cap of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has authorized 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 buy 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.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Buying and Selling

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on OTIS shares. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Barclays lifted their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $103.00.

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.