Holocene Advisors LP Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Holocene Advisors LP bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 50,693 shares of the company's stock, valued at approximately $5,269,000.

Other hedge funds also recently modified their holdings of the company. Optas LLC increased its stake in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company's stock worth $574,000 after purchasing an additional 118 shares during the last quarter. Brighton Jones LLC increased its position in shares of Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company's stock valued at $248,000 after acquiring an additional 124 shares during the period. Park Avenue Securities LLC boosted its stake in shares of Otis Worldwide by 0.9% during the 2nd quarter. Park Avenue Securities LLC now owns 14,931 shares of the company's stock valued at $1,437,000 after purchasing an additional 127 shares in the last quarter. Resonant Capital Advisors LLC boosted its stake in shares of Otis Worldwide by 4.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company's stock valued at $330,000 after purchasing an additional 150 shares in the last quarter. Finally, Selway Asset Management boosted its stake in Otis Worldwide by 0.8% during the third quarter. Selway Asset Management now owns 20,021 shares of the company's stock worth $2,081,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Down 2.0 %

Shares of OTIS stock traded down $2.01 during trading hours on Thursday, reaching $99.12. The company's stock had a trading volume of 1,989,342 shares, compared to its average volume of 2,090,530. The company has a market capitalization of $39.59 billion, a price-to-earnings ratio of 24.73 and a beta of 1.04. Otis Worldwide Co. has a fifty-two week low of $85.42 and a fifty-two week high of $106.33. The firm's 50 day simple moving average is $102.09 and its 200-day simple moving average is $97.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The company's revenue for the quarter was up .7% compared to the same quarter last year. Sell-side analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide's payout ratio is currently 38.90%.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

Analyst Ratings Changes

OTIS has been the subject of several research reports. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target for the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $104.57.

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.