Fire Capital Management LLC Takes $680,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Fire Capital Management LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,346 shares of the company's stock, valued at approximately $680,000.

Several other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Otis Worldwide by 1.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 57,347 shares of the company's stock valued at $5,311,000 after purchasing an additional 843 shares during the period. PFG Investments LLC raised its position in Otis Worldwide by 4.1% during the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company's stock valued at $309,000 after purchasing an additional 131 shares during the period. Blue Trust Inc. lifted its stake in shares of Otis Worldwide by 43.3% in the 4th quarter. Blue Trust Inc. now owns 4,452 shares of the company's stock valued at $412,000 after purchasing an additional 1,345 shares during the last quarter. Finally, Perigon Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 1.9% in the 4th quarter. Perigon Wealth Management LLC now owns 17,005 shares of the company's stock worth $1,585,000 after purchasing an additional 309 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $1.93 on Monday, hitting $93.43. 711,503 shares of the company's stock were exchanged, compared to its average volume of 2,312,864. The stock has a market capitalization of $36.87 billion, a price-to-earnings ratio of 23.02 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The business's 50 day simple moving average is $97.14 and its two-hundred day simple moving average is $97.36.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The company 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%. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.88 EPS. Equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.80%. Otis Worldwide's payout ratio is presently 44.09%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide 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 sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. The trade was a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank of Canada decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average price target of $100.71.

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.