Sciencast Management LP Acquires New Position in Otis Worldwide Co. (NYSE:OTIS)

Sciencast Management LP acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 28,687 shares of the company’s stock, valued at approximately $2,657,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas increased its holdings in Otis Worldwide by 2,939.4% in the fourth quarter. Teacher Retirement System of Texas now owns 82,277 shares of the company’s stock valued at $7,620,000 after buying an additional 79,570 shares during the last quarter. Royal London Asset Management Ltd. increased its holdings in Otis Worldwide by 3.6% in the fourth quarter. Royal London Asset Management Ltd. now owns 208,406 shares of the company’s stock valued at $19,300,000 after buying an additional 7,151 shares during the last quarter. Xponance Inc. grew its holdings in shares of Otis Worldwide by 4.1% during the fourth quarter. Xponance Inc. now owns 57,999 shares of the company’s stock valued at $5,371,000 after purchasing an additional 2,307 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $1,505,000. Finally, Custos Family Office LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $233,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on OTIS. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. 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. Finally, Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Two 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, Otis Worldwide currently has an average rating of “Hold” and an average target price of $102.88.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $100.97 on Friday. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The firm has a market capitalization of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05. The business has a 50 day simple moving average of $97.73 and a 200 day simple moving average of $98.31.

Otis Worldwide (NYSE:OTIS) last issued 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%. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

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 payout ratio is currently 38.42%.

Otis Worldwide announced that its board has authorized a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $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 ninety days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by corporate insiders.

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.