Twin Tree Management LP Makes New $425,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

Twin Tree Management LP bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 4,593 shares of the company’s stock, valued at approximately $425,000.

Other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC increased its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Truvestments Capital LLC bought a new stake in Otis Worldwide in the third quarter worth approximately $36,000. Centricity Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the fourth quarter worth approximately $34,000. Finally, OFI Invest Asset Management bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $37,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.2 %

Shares of NYSE:OTIS opened at $101.55 on Wednesday. The stock has a market cap of $40.27 billion, a price-to-earnings ratio of 25.01 and a beta of 1.05. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83. The business’s 50 day moving average is $97.10 and its 200 day moving average is $98.21.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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 reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent research reports. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Finally, Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $102.88.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the business’s 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock valued at $10,747,553. Insiders own 0.23% of the company’s stock.

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.