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

Hudson Bay Capital Management LP trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 55.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,920 shares of the company’s stock after selling 20,169 shares during the quarter. Hudson Bay Capital Management LP’s holdings in Otis Worldwide were worth $1,456,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Root Financial Partners LLC bought a new stake in shares of Otis Worldwide in the third quarter worth approximately $26,000. Stance Capital LLC purchased a new position in Otis Worldwide during the third quarter valued at $27,000. Nemes Rush Group LLC lifted its position in shares of Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. Rakuten Investment Management Inc. purchased a new position in Otis Worldwide during the third quarter valued at approximately $31,000. Finally, Oakworth Capital Inc. boosted its holdings in Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after buying an additional 113 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Neil Green sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was a 61.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on 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 owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This represents a 62.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 in the last ninety days. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several research analyst reports. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company decreased their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, January 30th. Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $79.49 on Monday. Otis Worldwide Corporation has a 52-week low of $78.25 and a 52-week high of $105.95. The firm has a market capitalization of $30.90 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 2.39 and a beta of 1.00. The stock has a 50 day moving average price of $88.73 and a 200 day moving average price of $89.11.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were given a $0.42 dividend. 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 dividend payout ratio is presently 48.00%.

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.