AlphaQuest LLC Has $865,000 Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

AlphaQuest LLC boosted its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 50.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,338 shares of the company's stock after acquiring an additional 3,151 shares during the period. AlphaQuest LLC's holdings in Otis Worldwide were worth $865,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of OTIS. OFI Invest Asset Management acquired a new stake in Otis Worldwide in the 4th quarter valued at about $37,000. Atlantic Union Bankshares Corp boosted its stake in Otis Worldwide by 1.8% during the 4th quarter. Atlantic Union Bankshares Corp now owns 39,370 shares of the company's stock worth $3,646,000 after acquiring an additional 682 shares during the last quarter. Amundi grew its holdings in shares of Otis Worldwide by 32.2% in the 4th quarter. Amundi now owns 882,043 shares of the company's stock valued at $80,963,000 after buying an additional 214,651 shares during the period. Dorsey & Whitney Trust CO LLC raised its holdings in Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after buying an additional 114 shares during the period. Finally, Rialto Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth about $360,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Barclays dropped their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $102.88.

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Otis Worldwide Stock Performance

NYSE OTIS traded up $1.08 on Friday, hitting $100.69. 1,612,972 shares of the stock were exchanged, compared to its average volume of 2,000,459. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The stock has a fifty day moving average price of $96.57 and a two-hundred day moving average price of $97.99. The firm has a market capitalization of $39.93 billion, a P/E ratio of 24.80 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) 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%. Sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.55%. Otis Worldwide's dividend payout ratio is currently 38.42%.

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

Insider Buying and Selling at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock valued at $10,747,553 over the last quarter. 0.23% of the stock is currently 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.