Candriam S.C.A. Has $46.41 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Candriam S.C.A. boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 9.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,080 shares of the company’s stock after buying an additional 44,980 shares during the quarter. Candriam S.C.A.’s holdings in Otis Worldwide were worth $46,405,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp raised its holdings in Otis Worldwide by 11.2% in the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock valued at $19,123,000 after buying an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after purchasing an additional 4,918 shares during the last quarter. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after purchasing an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB raised its holdings in Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after purchasing an additional 9,979 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 in the last three months. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Up 1.9 %

NYSE OTIS opened at $101.47 on Thursday. The company has a fifty day simple moving average of $95.50 and a 200 day simple moving average of $97.67. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The company has a market cap of $40.23 billion, a P/E ratio of 24.99 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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its Board of Directors 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 reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is 38.42%.

Wall Street Analyst Weigh In

OTIS has been the subject of several analyst reports. Wells Fargo & Company lowered 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. UBS Group began coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $102.88.

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.