Stevens Capital Management LP Purchases New Position in Otis Worldwide Co. (NYSE:OTIS)

Stevens Capital Management LP purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, HoldingsChannel reports. The firm purchased 5,633 shares of the company’s stock, valued at approximately $522,000.

Several other large investors also recently bought and sold shares of the company. Resonant Capital Advisors LLC increased its stake in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after buying an additional 105 shares in the last quarter. Montis Financial LLC increased its stake in Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after buying an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock worth $643,000 after buying an additional 114 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its stake in Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock worth $600,000 after buying an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group boosted its holdings in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after purchasing an additional 122 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $100.97 on Monday. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The stock has a market capitalization of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05. The business’s 50 day moving average price is $97.73 and its 200 day moving average price is $98.36.

Otis Worldwide (NYSE:OTIS) last released 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%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized a share repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are 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 paid 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 was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. 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 report on Thursday, December 12th. Wells Fargo & Company lowered 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. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $102.88.

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.