Twinbeech Capital LP Takes $39.29 Million Position in Otis Worldwide Co. (NYSE:OTIS)

Twinbeech Capital LP purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 424,235 shares of the company's stock, valued at approximately $39,288,000. Twinbeech Capital LP owned about 0.11% of Otis Worldwide as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Merit Financial Group LLC raised its position in Otis Worldwide by 6.9% during the 4th quarter. Merit Financial Group LLC now owns 10,790 shares of the company's stock valued at $999,000 after purchasing an additional 694 shares during the last quarter. Brooklyn Investment Group raised its position in Otis Worldwide by 18.8% during the 4th quarter. Brooklyn Investment Group now owns 1,171 shares of the company's stock valued at $108,000 after purchasing an additional 185 shares during the last quarter. Arkadios Wealth Advisors raised its position in Otis Worldwide by 20.0% during the 4th quarter. Arkadios Wealth Advisors now owns 2,996 shares of the company's stock valued at $277,000 after purchasing an additional 499 shares during the last quarter. Finally, Sanibel Captiva Trust Company Inc. raised its position in Otis Worldwide by 3.5% during the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 11,469 shares of the company's stock valued at $1,062,000 after purchasing an additional 385 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

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

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $0.44 during trading on Friday, reaching $96.74. 2,286,762 shares of the stock traded hands, compared to its average volume of 2,329,220. The company has a market capitalization of $38.18 billion, a price-to-earnings ratio of 23.83 and a beta of 1.01. The business has a fifty day simple moving average of $97.72 and a two-hundred day simple moving average of $97.56. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate 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 negative return on equity of 31.76% and a net margin of 11.53%. The firm's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted $0.88 earnings per share. On average, research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 44.09%.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.23% of the company's stock.

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.