R Squared Ltd Makes New $49,000 Investment in Otis Worldwide Co. (NYSE:OTIS)

R Squared Ltd bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, Holdings Channel.com reports. The fund bought 530 shares of the company’s stock, valued at approximately $49,000.

Other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC purchased a new position in Otis Worldwide during the 2nd quarter worth $2,073,000. Czech National Bank grew its position in shares of Otis Worldwide by 5.9% during the 3rd quarter. Czech National Bank now owns 81,597 shares of the company’s stock worth $8,481,000 after buying an additional 4,549 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Otis Worldwide by 63.8% during the third quarter. SG Americas Securities LLC now owns 173,588 shares of the company’s stock valued at $18,043,000 after buying an additional 67,602 shares during the period. Allied Investment Advisors LLC raised its holdings in shares of Otis Worldwide by 1.5% in the third quarter. Allied Investment Advisors LLC now owns 103,500 shares of the company’s stock valued at $10,758,000 after acquiring an additional 1,549 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Otis Worldwide by 6.3% in the third quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company’s stock worth $23,784,000 after acquiring an additional 13,602 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $95.43 on Friday. The stock’s fifty day moving average price is $95.91 and its 200 day moving average price is $97.14. Otis Worldwide Co. has a 1-year low of $87.57 and a 1-year high of $106.33. The company has a market cap of $38.12 billion, a price-to-earnings ratio of 23.50 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.57% and a net margin of 11.53%. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide declared that its board has initiated a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. Otis Worldwide’s payout ratio is currently 38.42%.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on OTIS shares. JPMorgan Chase & Co. cut their target price 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. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research note on Thursday, December 12th. Two 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.