Sciencast Management LP Invests $2.66 Million in Otis Worldwide Co. (NYSE:OTIS)

Sciencast Management LP purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 28,687 shares of the company's stock, valued at approximately $2,657,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC grew its position in shares of Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after acquiring an additional 105 shares during the period. Montis Financial LLC grew its holdings in Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock valued at $205,000 after purchasing an additional 110 shares during the period. Dorsey & Whitney Trust CO LLC raised its stake in shares of 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. Mesirow Financial Investment Management Inc. lifted its position in shares of Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after buying an additional 117 shares in the last quarter. Finally, Rehmann Capital Advisory Group grew its stake in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock valued at $299,000 after acquiring an additional 122 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

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Insiders Place Their Bets

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43 % 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 valued at $10,747,553 over the last ninety days. Company insiders own 0.23% of the company's stock.

Otis Worldwide Stock Up 1.3 %

Shares of Otis Worldwide stock traded up $1.33 on Wednesday, hitting $102.73. 1,778,979 shares of the company were exchanged, compared to its average volume of 2,009,204. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The stock has a market capitalization of $40.73 billion, a price-to-earnings ratio of 25.30 and a beta of 1.05. The company has a 50-day moving average price of $98.13 and a 200 day moving average price of $98.50.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data 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 negative return on equity of 31.76% and a net margin of 11.53%. Research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has approved a stock repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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 dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on OTIS shares. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a 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 target on the stock. in a research note on Thursday, December 12th. Barclays boosted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research note on Wednesday. Finally, Wells Fargo & Company lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $103.00.

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.