Quadrature Capital Ltd Boosts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Quadrature Capital Ltd lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 49.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,728 shares of the company’s stock after acquiring an additional 4,216 shares during the quarter. Quadrature Capital Ltd’s holdings in Otis Worldwide were worth $1,139,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of OTIS. Cetera Trust Company N.A bought a new stake in Otis Worldwide during the 4th quarter valued at $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $28,000. Orion Capital Management LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth about $30,000. Pacific Capital Wealth Advisors Inc. bought a new position in Otis Worldwide in the 4th quarter worth about $35,000. Finally, TFO Wealth Partners LLC grew its holdings in Otis Worldwide by 10,400.0% during the 4th quarter. TFO Wealth Partners LLC now owns 420 shares of the company’s stock valued at $38,000 after buying an additional 416 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

NYSE OTIS opened at $96.50 on Wednesday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The company has a fifty day moving average of $96.27 and a 200-day moving average of $93.06. The company has a market capitalization of $39.02 billion, a P/E ratio of 27.89 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.44 billion. As a group, analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.62%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OTIS. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius started coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Barclays boosted their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Finally, Argus boosted their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $97.71.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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.