Lecap Asset Management Ltd. Acquires Shares of 7,654 Otis Worldwide Co. (NYSE:OTIS)

Lecap Asset Management Ltd. purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,654 shares of the company’s stock, valued at approximately $709,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Otis Worldwide in the 3rd quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at about $29,000. Fortitude Family Office LLC boosted its position in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Otis Worldwide in the 3rd quarter valued at approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,481 shares of company stock valued at $7,159,509 over the last ninety days. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. 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 report on Thursday, January 30th. Wells Fargo & Company cut 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 report on Thursday, January 30th. 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 report on Thursday, December 12th. Finally, UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $94.83 on Friday. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. The firm’s 50-day moving average is $95.14 and its 200-day moving average is $97.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts predict that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

Otis Worldwide announced that its board has initiated a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership 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. Shareholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

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.