Prospector Partners LLC Has $9 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Prospector Partners LLC trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 24.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,201 shares of the company’s stock after selling 31,614 shares during the period. Prospector Partners LLC’s holdings in Otis Worldwide were worth $9,002,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth about $33,000. Golden State Wealth Management LLC bought a new stake in Otis Worldwide during the 4th quarter valued at approximately $34,000. Finally, Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the subject of several research reports. Barclays increased their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a research report on Wednesday, March 26th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Finally, Wells Fargo & Company decreased their price target on shares of 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, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Stock Performance

Shares of OTIS opened at $94.85 on Friday. The business’s fifty day moving average price is $99.32 and its two-hundred day moving average price is $98.96. The firm has a market capitalization of $37.61 billion, a price-to-earnings ratio of 23.36 and a beta of 1.00. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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%. As a group, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

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

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 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 trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 112,281 shares of company stock valued at $10,747,553 over the last three months. Company insiders own 0.23% of the company’s stock.

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.