Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Quarry LP

Quarry LP increased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 7,947.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,219 shares of the company’s stock after acquiring an additional 3,179 shares during the quarter. Quarry LP’s holdings in Otis Worldwide were worth $298,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of OTIS. Morse Asset Management Inc acquired a new position in shares of Otis Worldwide in the third quarter worth about $130,000. Wilmington Savings Fund Society FSB raised its stake in Otis Worldwide by 297.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after buying an additional 9,979 shares in the last quarter. Tidal Investments LLC raised its stake in Otis Worldwide by 14.8% during the third quarter. Tidal Investments LLC now owns 32,445 shares of the company’s stock valued at $3,372,000 after buying an additional 4,172 shares in the last quarter. Peapack Gladstone Financial Corp lifted its holdings in Otis Worldwide by 3.2% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 72,344 shares of the company’s stock worth $7,519,000 after buying an additional 2,273 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Otis Worldwide by 58.3% in the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after acquiring an additional 2,706,871 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS stock opened at $92.96 on Monday. The stock has a market capitalization of $36.86 billion, a price-to-earnings ratio of 22.90 and a beta of 1.00. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The stock’s fifty day moving average is $99.06 and its two-hundred day moving average is $98.24.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has approved a stock repurchase program 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 programs are typically an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a dividend of $0.42 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, May 16th. Otis Worldwide’s payout ratio is currently 44.09%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on OTIS shares. Barclays reduced their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Two research 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. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $100.63.

Otis 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.