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

Twin Tree Management LP acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 4,593 shares of the company’s stock, valued at approximately $425,000.

Several other large investors have also recently added to or reduced their stakes in the company. GWN Securities Inc. bought a new position in shares of Otis Worldwide in the fourth quarter worth $457,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Otis Worldwide by 5.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 24,613 shares of the company’s stock worth $2,279,000 after purchasing an additional 1,243 shares during the period. Choate Investment Advisors increased its position in shares of Otis Worldwide by 61.6% in the fourth quarter. Choate Investment Advisors now owns 7,391 shares of the company’s stock worth $684,000 after purchasing an additional 2,817 shares during the period. Natixis Advisors LLC increased its position in shares of Otis Worldwide by 9.3% in the fourth quarter. Natixis Advisors LLC now owns 280,918 shares of the company’s stock worth $26,016,000 after purchasing an additional 23,869 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth $349,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Trading Up 0.2 %

Shares of OTIS stock opened at $101.55 on Wednesday. The business’s 50-day moving average price is $97.10 and its 200-day moving average price is $98.21. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.83. The firm has a market capitalization of $40.27 billion, a price-to-earnings ratio of 25.01 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates 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, sell-side analysts predict 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 share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders 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 dividend yield of 1.54%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on OTIS. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research 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 research note on Thursday, December 12th. Finally, Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average 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.