Holocene Advisors LP Makes New $5.27 Million Investment in Otis Worldwide Co. (NYSE:OTIS)

Holocene Advisors LP acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 50,693 shares of the company’s stock, valued at approximately $5,269,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. PineStone Asset Management Inc. boosted its stake in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Van ECK Associates Corp boosted its stake in Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after buying an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its stake in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after buying an additional 786,897 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on OTIS shares. Barclays reduced their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Finally, Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $104.57.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s 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 sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is owned by company insiders.

Otis Worldwide Trading Up 0.1 %

OTIS stock opened at $101.15 on Thursday. The company has a market capitalization of $40.41 billion, a PE ratio of 25.22 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $85.42 and a 12-month high of $106.33. The business’s fifty day moving average price is $102.06 and its 200 day moving average price is $97.88.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the company earned $0.95 EPS. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. Research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

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.