Prospector Partners LLC Has $9 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC reduced its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 24.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 97,201 shares of the company's stock after selling 31,614 shares during the period. Prospector Partners LLC's holdings in Otis Worldwide were worth $9,002,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide in the fourth quarter worth about $28,000. Fortitude Family Office LLC lifted its stake in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the fourth quarter worth approximately $34,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the fourth quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $3.37 during mid-day trading on Friday, reaching $97.69. The company had a trading volume of 1,272,584 shares, compared to its average volume of 2,180,549. The company has a market capitalization of $38.74 billion, a price-to-earnings ratio of 23.93 and a beta of 1.00. The stock has a fifty day moving average of $98.98 and a two-hundred day moving average of $98.79. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. Otis Worldwide's dividend payout ratio (DPR) is currently 38.42%.

Otis Worldwide declared that its board has approved a stock buyback program 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 shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OTIS shares. Barclays increased their price objective 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. reduced their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. Finally, Wolfe Research downgraded shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $100.88.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred 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 $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at $2,353,358.07. This represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock worth $10,747,553 over the last 90 days. 0.23% of the stock is currently owned by corporate insiders.

About Otis Worldwide

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.