Twinbeech Capital LP Acquires Shares of 424,235 Otis Worldwide Co. (NYSE:OTIS)

Twinbeech Capital LP purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 424,235 shares of the company's stock, valued at approximately $39,288,000. Twinbeech Capital LP owned 0.11% of Otis Worldwide at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of OTIS. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after buying an additional 149,123 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after buying an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after buying an additional 95,035 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after buying an additional 435,372 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at about $649,883,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Stock Down 0.4%

OTIS stock traded down $0.39 during midday trading on Thursday, reaching $97.25. 2,368,405 shares of the company's stock traded hands, compared to its average volume of 2,329,831. The company has a 50-day simple moving average of $97.90 and a two-hundred day simple moving average of $97.60. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The company has a market cap of $38.38 billion, a price-to-earnings ratio of 23.95 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results 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. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same period last year, the company posted $0.88 earnings per share. The firm's quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared 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 an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.73%. Otis Worldwide's dividend payout ratio is 44.09%.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the 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 transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.23% of the stock is owned by corporate insiders.

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.