Twin Tree Management LP Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Twin Tree Management LP purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 4,593 shares of the company's stock, valued at approximately $425,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company's stock valued at $774,863,000 after purchasing an additional 2,706,871 shares during the last quarter. Canoe Financial LP lifted its stake in shares of Otis Worldwide by 699.5% in the 4th quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock worth $95,705,000 after purchasing an additional 904,157 shares during the period. National Bank of Canada FI lifted its stake in shares of Otis Worldwide by 274.2% in the 3rd quarter. National Bank of Canada FI now owns 714,413 shares of the company's stock worth $74,250,000 after purchasing an additional 523,518 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Otis Worldwide by 11.9% in the third quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company's stock worth $382,546,000 after buying an additional 391,206 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased 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. Wells Fargo & Company decreased their target price 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. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Finally, Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $102.88.

Otis Worldwide Stock Down 0.9 %

NYSE:OTIS traded down $0.93 on Friday, reaching $100.97. 7,242,491 shares of the company's stock traded hands, compared to its average volume of 2,008,301. The stock has a 50-day simple moving average of $97.73 and a 200-day simple moving average of $98.31. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm has a market cap of $40.04 billion, a PE ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) 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%. On average, equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a stock repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the company'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 value of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by insiders.

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.