Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Boosted by Caxton Associates LP

Caxton Associates LP raised its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 511.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,056 shares of the company's stock after buying an additional 24,307 shares during the period. Caxton Associates LP's holdings in Otis Worldwide were worth $2,691,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of OTIS. Resonant Capital Advisors LLC increased its stake in shares of Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after acquiring an additional 109 shares during the period. Montis Financial LLC lifted its stake in shares of Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after purchasing an additional 110 shares during the period. AlTi Global Inc. raised its position in Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after acquiring an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC grew its holdings in Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock valued at $643,000 after purchasing an additional 114 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $1.27 on Wednesday, hitting $97.46. 3,436,546 shares of the stock traded hands, compared to its average volume of 2,259,912. The firm's 50-day moving average price is $98.64 and its two-hundred day moving average price is $97.85. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The stock has a market capitalization of $38.47 billion, a PE ratio of 24.00 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, topping the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm earned $0.88 EPS. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding 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 an indication that the company's management believes its stock is undervalued.

Otis Worldwide Increases Dividend

The company 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 $0.42 dividend. The ex-dividend date is Friday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.72%. Otis Worldwide's dividend payout ratio is 44.09%.

Insider Activity

In related news, CEO Judith Fran Marks sold 28,440 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. This represents a 11.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,800 shares of company stock valued at $3,588,044 in the last ninety days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Royal Bank of Canada cut their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Wells Fargo & Company decreased their price target 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. Barclays reduced their target price on shares of 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, JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $100.00.

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.