Stevens Capital Management LP Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Stevens Capital Management LP bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,633 shares of the company’s stock, valued at approximately $522,000.

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC lifted its holdings in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $33,000. Golden State Wealth Management LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $34,000. Flagship Wealth Advisors LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $34,000. Finally, Truvestments Capital LLC purchased a new stake in Otis Worldwide during the third quarter worth $36,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $100.97 on Monday. The stock has a 50-day moving average of $97.73 and a two-hundred day moving average of $98.36. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The stock has a market cap of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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 negative return on equity of 31.76% and a net margin of 11.53%. Analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its Board of Directors has authorized a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company’s stock, valued at $6,731,934.30. The trade was a 9.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction dated 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 directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 in the last quarter. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on OTIS. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wolfe Research cut 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. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus 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.