Occudo Quantitative Strategies LP Purchases New Holdings in Otis Worldwide Co. (NYSE:OTIS)

Occudo Quantitative Strategies LP bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 34,735 shares of the company's stock, valued at approximately $3,217,000. Otis Worldwide comprises approximately 0.6% of Occudo Quantitative Strategies LP's investment portfolio, making the stock its 28th biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Otis Worldwide by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,572 shares of the company's stock worth $4,128,000 after buying an additional 1,515 shares during the period. Janus Henderson Group PLC grew its position in shares of Otis Worldwide by 7.1% during the fourth quarter. Janus Henderson Group PLC now owns 70,485 shares of the company's stock worth $6,527,000 after acquiring an additional 4,674 shares during the last quarter. Focus Partners Wealth lifted its holdings in shares of Otis Worldwide by 51.0% during the fourth quarter. Focus Partners Wealth now owns 34,386 shares of the company's stock worth $3,184,000 after purchasing an additional 11,615 shares during the period. Foyston Gordon & Payne Inc lifted its holdings in shares of Otis Worldwide by 0.3% during the fourth quarter. Foyston Gordon & Payne Inc now owns 56,094 shares of the company's stock worth $5,195,000 after purchasing an additional 156 shares during the period. Finally, Ethic Inc. lifted its holdings in Otis Worldwide by 3.7% in the fourth quarter. Ethic Inc. now owns 73,861 shares of the company's stock valued at $6,840,000 after acquiring an additional 2,622 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Trading Up 1.9%

OTIS traded up $1.78 during midday trading on Thursday, reaching $97.82. The company's stock had a trading volume of 5,922,668 shares, compared to its average volume of 2,312,145. The stock has a market cap of $38.61 billion, a P/E ratio of 24.09 and a beta of 1.01. The company has a fifty day simple moving average of $98.06 and a 200 day simple moving average of $97.62. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping 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 the consensus estimate of $3.41 billion. During the same quarter last year, the company earned $0.88 EPS. The company's quarterly revenue was down 2.5% on a year-over-year basis. Sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.72%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 44.09%.

Otis Worldwide declared that its board has authorized a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Royal Bank of Canada dropped their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. JPMorgan Chase & Co. reduced their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Finally, Wells Fargo & Company dropped their target price on shares of 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 given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $98.86.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 6,660 shares of the company's 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 owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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.