Geode Capital Management LLC Has $1.03 Billion Holdings in Otis Worldwide Co. (NYSE:OTIS)

Geode Capital Management LLC grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,126,735 shares of the company’s stock after purchasing an additional 95,035 shares during the period. Geode Capital Management LLC owned about 2.81% of Otis Worldwide worth $1,031,787,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Fortitude Family Office LLC boosted its stake in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at about $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at about $34,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the fourth quarter worth about $34,000. Finally, OFI Invest Asset Management bought a new position in Otis Worldwide during the fourth quarter worth about $37,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. This represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Down 0.0 %

Shares of OTIS stock opened at $104.02 on Thursday. The firm has a market capitalization of $41.25 billion, a price-to-earnings ratio of 25.62 and a beta of 1.05. The firm’s 50 day moving average is $99.20 and its 200-day moving average is $98.90. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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%. On average, 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 initiated a share buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.50%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several analyst reports. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Barclays increased their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $103.00.

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.