Twinbeech Capital LP Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Twinbeech Capital LP bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 424,235 shares of the company’s stock, valued at approximately $39,288,000. Twinbeech Capital LP owned about 0.11% of Otis Worldwide as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 8,161,946 shares during the last quarter. Merit Financial Group LLC grew its stake in shares of Otis Worldwide by 6.9% during the fourth quarter. Merit Financial Group LLC now owns 10,790 shares of the company’s stock valued at $999,000 after buying an additional 694 shares during the last quarter. Brooklyn Investment Group grew its stake in shares of Otis Worldwide by 18.8% during the fourth quarter. Brooklyn Investment Group now owns 1,171 shares of the company’s stock valued at $108,000 after buying an additional 185 shares during the last quarter. Arkadios Wealth Advisors grew its stake in shares of Otis Worldwide by 20.0% during the fourth quarter. Arkadios Wealth Advisors now owns 2,996 shares of the company’s stock valued at $277,000 after buying an additional 499 shares during the last quarter. Finally, Sanibel Captiva Trust Company Inc. grew its stake in shares of Otis Worldwide by 3.5% during the fourth quarter. Sanibel Captiva Trust Company Inc. now owns 11,469 shares of the company’s stock valued at $1,062,000 after buying an additional 385 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.0%

Otis Worldwide stock opened at $98.85 on Monday. The business has a fifty day moving average of $98.02 and a two-hundred day moving average of $97.60. The firm has a market cap of $39.01 billion, a P/E ratio of 24.35 and a beta of 1.01. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. Otis Worldwide’s revenue was down 2.5% on a year-over-year basis. Equities analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio is currently 44.09%.

Insider Activity

In other news, 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 transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OTIS. Royal Bank of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Friday, April 25th. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.71.

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.