Stevens Capital Management LP Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Stevens Capital Management LP lifted its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 142.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,555 shares of the company’s stock after buying an additional 4,435 shares during the quarter. Stevens Capital Management LP’s holdings in Otis Worldwide were worth $676,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in Otis Worldwide in the 4th quarter worth $27,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter worth $28,000. Orion Capital Management LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth $30,000. NBC Securities Inc. bought a new position in Otis Worldwide during the 3rd quarter valued at about $33,000. Finally, CNB Bank grew its stake in Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock worth $34,000 after acquiring an additional 192 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday. Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Thursday, February 22nd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $96.86.

Otis Worldwide Stock Down 0.4 %

Shares of NYSE:OTIS traded down $0.35 during midday trading on Thursday, reaching $93.02. The company’s stock had a trading volume of 2,219,272 shares, compared to its average volume of 2,033,041. The firm has a market capitalization of $37.60 billion, a PE ratio of 27.48 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The stock has a fifty day moving average of $96.41 and a 200 day moving average of $89.24.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.68%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

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.