Lecap Asset Management Ltd. Invests $709,000 in Otis Worldwide Co. (NYSE:OTIS)

Lecap Asset Management Ltd. acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,654 shares of the company's stock, valued at approximately $709,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the third quarter valued at $28,000. Ashton Thomas Securities LLC bought a new stake in Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC grew its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide during the third quarter valued at $34,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price target on the stock. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Finally, Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average price target of $102.88.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.55 during midday trading on Tuesday, hitting $96.61. 1,710,350 shares of the stock traded hands, compared to its average volume of 2,064,139. The firm has a market capitalization of $38.31 billion, a P/E ratio of 23.80 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The firm has a 50-day moving average of $94.94 and a two-hundred day moving average of $97.09.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Equities analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.61%. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Otis Worldwide declared that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 169 shares in the company, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 105,621 shares of company stock valued at $10,046,255. Insiders own 0.23% of the company's stock.

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.