Prospector Partners LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 24.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 97,201 shares of the company's stock after selling 31,614 shares during the quarter. Prospector Partners LLC's holdings in Otis Worldwide were worth $9,002,000 at the end of the most recent quarter.\n\nOther hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after purchasing an additional 149,123 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 26.5% in the 4th 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 in the last quarter. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after buying an additional 435,372 shares during the period. Finally, Norges Bank bought a new stake in Otis Worldwide in the fourth quarter valued at $649,883,000.\n\n88.03% of the stock is currently owned by institutional investors and hedge funds. Insider Transactions at Otis Worldwide In other Otis Worldwide news, CEO sold 38,012 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $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 accessible through . Also, EVP sold 1,700 shares of the firm's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,390,748.57. This represents a 6.38% decrease in their ownership of the stock. The disclosure for this sale can be found . Over the last three months, insiders have sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by company insiders.\n\nOtis Worldwide Price Performance Shares of traded down $1.20 during trading on Tuesday, hitting $90.77. The company's stock had a trading volume of 3,421,632 shares, compared to its average volume of 2,160,724. The firm has a market cap of $35.99 billion, a price-to-earnings ratio of 22.36 and a beta of 1.00. Otis Worldwide Co. has a 12 month low of $89.76 and a 12 month high of $106.83. The company has a 50-day moving average of $99.03 and a 200-day moving average of $98.87. Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year. Otis Worldwide declared that its board has approved a share repurchase plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its stock is undervalued.\n\nOtis 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 paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.72%. The ex-dividend date was Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.\n\nAnalyst Upgrades and Downgrades OTIS has been the topic of a number of recent research reports. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an \"equal weight\" rating on the stock in a report on Thursday, January 30th. Barclays upped their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an \"underweight\" rating in a research note on Wednesday, March 26th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $105.00 to $88.00 and set a \"neutral\" rating for the company in a report on Tuesday. Finally, Wolfe Research cut Otis Worldwide from a \"peer perform\" rating to an \"underperform\" rating and set a $104.00 price target on the stock in a research report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of \"Hold\" and a consensus price target of $100.88.\n\nOtis Worldwide Company 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.

Prospector Partners LLC Has $9 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC reduced its position in Otis Worldwide Co. by 24.5% during the 4th quarter, according to its most recent 13F filing. The company now owns 97,201 shares of Otis Worldwide, valued at $9,002,000. Other institutional investors increased their positions in Otis Worldwide, including Vanguard Group Inc., JPMorgan Chase & Co., and Geode Capital Management LLC. The company's market cap is $35.99 billion, and it has a 12-month high of $106.83 and a 12-month low of $89.76. Otis Worldwide also announced a share repurchase plan and paid a quarterly dividend.