Quantessence Capital LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Quantessence Capital LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,536 shares of the company's stock, valued at approximately $605,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Norges Bank bought a new position in shares of Otis Worldwide in the fourth quarter worth $649,883,000. Franklin Resources Inc. raised its position in shares of Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock worth $774,863,000 after buying an additional 2,706,871 shares in the last quarter. Canoe Financial LP boosted its stake in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after buying an additional 904,157 shares during the period. Finally, Invesco Ltd. grew its position in Otis Worldwide by 8.1% during the fourth quarter. Invesco Ltd. now owns 4,048,203 shares of the company's stock worth $374,904,000 after buying an additional 302,414 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Barclays lowered 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 note on Friday. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of "Hold" and a consensus price target of $100.63.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.22 during mid-day trading on Friday, hitting $92.96. The company's stock had a trading volume of 4,901,071 shares, compared to its average volume of 2,222,671. The business has a 50 day moving average price of $99.06 and a 200-day moving average price of $98.31. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The stock has a market cap of $36.86 billion, a price-to-earnings ratio of 22.90 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

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 paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.81%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's payout ratio is presently 44.09%.

Otis Worldwide announced that its board has approved a stock buyback program on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now 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 position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last three months. 0.23% of the stock is owned by insiders.

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.