Caxton Associates LP Acquires 24,307 Shares of Otis Worldwide Co. (NYSE:OTIS)

Caxton Associates LP increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 511.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 29,056 shares of the company’s stock after purchasing an additional 24,307 shares during the period. Caxton Associates LP’s holdings in Otis Worldwide were worth $2,691,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. boosted its position in Otis Worldwide by 1.3% during the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock worth $48,960,000 after purchasing an additional 6,261 shares during the period. JPMorgan Chase & Co. increased its holdings 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 worth $2,918,223,000 after purchasing an additional 8,161,946 shares during the period. Versant Capital Management Inc raised its stake in Otis Worldwide by 310.4% in the fourth quarter. Versant Capital Management Inc now owns 632 shares of the company’s stock valued at $59,000 after purchasing an additional 478 shares in the last quarter. GAMMA Investing LLC raised its position in Otis Worldwide by 24.2% during the fourth quarter. GAMMA Investing LLC now owns 6,693 shares of the company’s stock valued at $620,000 after purchasing an additional 1,303 shares in the last quarter. Finally, Nordea Investment Management AB lifted its holdings in shares of Otis Worldwide by 7.2% in the fourth quarter. Nordea Investment Management AB now owns 194,795 shares of the company’s stock worth $18,122,000 after acquiring an additional 13,043 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the firm’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,587 shares of company stock valued at $7,627,564 over the last quarter. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $97.36 on Monday. The firm has a market capitalization of $38.43 billion, a P/E ratio of 23.98 and a beta of 1.01. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The company’s 50-day moving average is $98.75 and its 200 day moving average is $97.93.

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

Otis Worldwide announced that its Board of Directors has initiated a stock buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be paid a $0.42 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, May 16th. Otis Worldwide’s payout ratio is currently 44.09%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research reports. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $100.00.

Otis Worldwide Company 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.