Aquatic Capital Management LLC Invests $3.75 Million in Otis Worldwide Co. (NYSE:OTIS)

Aquatic Capital Management LLC purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 40,485 shares of the company's stock, valued at approximately $3,749,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new stake in Otis Worldwide in the 4th quarter valued at about $28,000. Fortitude Family Office LLC boosted its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares during the period. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the 4th quarter worth about $33,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the transaction, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the firm'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 completion of the transaction, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $92.96 on Monday. The company has a market capitalization of $36.86 billion, a PE ratio of 22.90 and a beta of 1.00. The company has a 50-day simple moving average of $99.06 and a two-hundred day simple moving average of $98.24. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83.

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

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

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio is currently 44.09%.

Analyst Ratings Changes

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.