AlphaQuest LLC Has $865,000 Stock Position in Otis Worldwide Co. (NYSE:OTIS)

AlphaQuest LLC raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 50.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,338 shares of the company’s stock after buying an additional 3,151 shares during the quarter. AlphaQuest LLC’s holdings in Otis Worldwide were worth $865,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC acquired a new stake in Otis Worldwide in the 3rd quarter valued at approximately $29,000. Fortitude Family Office LLC grew its holdings in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Otis Worldwide in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in Otis Worldwide in the 3rd quarter valued at approximately $36,000. Finally, Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $103.95 on Tuesday. The company has a market capitalization of $41.22 billion, a PE ratio of 25.60 and a beta of 1.05. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83. The business has a 50 day simple moving average of $96.11 and a 200 day simple moving average of $97.92.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.50%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now 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 document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock worth $10,046,255 in the last 90 days. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OTIS. JPMorgan Chase & Co. lowered their target price on 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 Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. Wells Fargo & Company decreased 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, Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.88.

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.