Mirae Asset Global Investments Co. Ltd. Buys 17,149 Shares of Otis Worldwide Co. (NYSE:OTIS)

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 38.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,884 shares of the company’s stock after purchasing an additional 17,149 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Otis Worldwide were worth $5,731,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in OTIS. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Franklin Resources Inc. grew its position in Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the period. Van ECK Associates Corp increased its stake in Otis Worldwide by 3,673.6% during the 3rd quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after purchasing an additional 2,201,988 shares in the last quarter. Canoe Financial LP raised its holdings in Otis Worldwide by 699.5% during the fourth 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 during the last quarter. Finally, National Bank of Canada FI raised its holdings in Otis Worldwide by 274.2% during the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after buying an additional 523,518 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. reduced 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. UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Finally, Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.88.

Otis Worldwide Price Performance

NYSE:OTIS opened at $94.83 on Friday. The company has a market capitalization of $37.60 billion, a P/E ratio of 23.36 and a beta of 1.06. The business has a fifty day simple moving average of $95.14 and a two-hundred day simple moving average of $97.01. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) 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, analysts anticipate that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is 38.42%.

Otis Worldwide declared that its board has approved a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction 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 legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 75,481 shares of company stock valued at $7,159,509 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

About Otis Worldwide

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.