6,536 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Quantessence Capital LLC

Quantessence Capital LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,536 shares of the company's stock, valued at approximately $605,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Transce3nd LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide during the 4th quarter worth $28,000. Fortitude Family Office LLC grew its position in Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Otis Worldwide in the 4th quarter worth about $33,000. Finally, Flagship Wealth Advisors LLC bought a new position in Otis Worldwide in the fourth quarter valued at about $34,000. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on OTIS. Wells Fargo & Company lowered their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday. Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $100.63.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. This trade represents a 99.49 % 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.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.22 during trading hours on Friday, hitting $92.96. 4,901,071 shares of the stock were exchanged, compared to its average volume of 2,222,304. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The business has a 50-day moving average of $99.06 and a 200-day moving average of $98.28. The firm has a market capitalization of $36.86 billion, a P/E ratio of 22.90 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

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

Otis Worldwide declared that its board has authorized 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.