ExodusPoint Capital Management LP Purchases New Position in Otis Worldwide Co. (NYSE:OTIS)

ExodusPoint Capital Management LP acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 259,750 shares of the company's stock, valued at approximately $24,055,000. ExodusPoint Capital Management LP owned about 0.07% of Otis Worldwide as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of OTIS. Huntington National Bank increased its position in Otis Worldwide by 2.1% in the 4th quarter. Huntington National Bank now owns 19,994 shares of the company's stock valued at $1,852,000 after acquiring an additional 417 shares during the period. Meeder Advisory Services Inc. grew its position in Otis Worldwide by 6.9% in the 4th quarter. Meeder Advisory Services Inc. now owns 8,838 shares of the company's stock valued at $818,000 after buying an additional 569 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth about $188,000. Geode Capital Management LLC lifted its stake in shares of Otis Worldwide by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the period. Finally, HighPoint Advisor Group LLC raised its holdings in Otis Worldwide by 2.0% during the fourth quarter. HighPoint Advisor Group LLC now owns 11,054 shares of the company's stock worth $1,069,000 after purchasing an additional 217 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

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Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the business's 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 sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 over the last three months. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Stock Up 1.8 %

Shares of OTIS traded up $1.70 during midday trading on Tuesday, reaching $93.66. 1,017,557 shares of the stock were exchanged, compared to its average volume of 2,148,706. The company has a market cap of $37.14 billion, a price-to-earnings ratio of 23.02 and a beta of 1.00. The firm has a 50 day simple moving average of $99.21 and a 200-day simple moving average of $98.96. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. Research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OTIS shares. Barclays lifted their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, March 26th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Wolfe Research lowered 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. Finally, Wells Fargo & Company cut their target price on shares of 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. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $103.00.

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.