Hudson Bay Capital Management LP Decreases Holdings in Otis Worldwide Corporation $OTIS

Hudson Bay Capital Management LP trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 55.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 15,920 shares of the company’s stock after selling 20,169 shares during the period. Hudson Bay Capital Management LP’s holdings in Otis Worldwide were worth $1,456,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Otis Worldwide during the second quarter valued at about $721,614,000. Marshall Wace LLP grew its stake in Otis Worldwide by 5,291.5% during the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Otis Worldwide by 3,464.3% in the third quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock valued at $184,942,000 after purchasing an additional 1,966,019 shares during the period. AQR Capital Management LLC raised its stake in shares of Otis Worldwide by 125.7% in the third quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after purchasing an additional 1,445,904 shares during the last quarter. Finally, Squarepoint Ops LLC raised its stake in shares of Otis Worldwide by 199.6% in the third quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock worth $185,612,000 after purchasing an additional 1,352,530 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.9%

NYSE OTIS opened at $79.49 on Monday. The business’s fifty day simple moving average is $88.73 and its 200-day simple moving average is $89.11. The firm has a market cap of $30.90 billion, a PE ratio of 22.71, a P/E/G ratio of 2.39 and a beta of 1.00. Otis Worldwide Corporation has a 52 week low of $78.25 and a 52 week high of $105.95.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business earned $0.93 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. Research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This trade represents a 62.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research note on Monday, March 16th. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research report on Friday, January 30th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.