Custos Family Office LLC Buys New Shares in Otis Worldwide Co. (NYSE:OTIS)

Custos Family Office LLC bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, Holdings Channel reports. The institutional investor bought 2,515 shares of the company’s stock, valued at approximately $233,000.

A number of other institutional investors also recently modified their holdings of the stock. Mystic Asset Management Inc. acquired a new position in Otis Worldwide during the fourth quarter worth $382,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter worth $34,000. Signaturefd LLC raised its holdings in Otis Worldwide by 14.4% during the fourth quarter. Signaturefd LLC now owns 5,701 shares of the company’s stock worth $528,000 after buying an additional 718 shares during the last quarter. Parallel Advisors LLC raised its holdings in Otis Worldwide by 4.7% during the fourth quarter. Parallel Advisors LLC now owns 9,722 shares of the company’s stock worth $900,000 after buying an additional 439 shares during the last quarter. Finally, Cibc World Markets Corp raised its holdings in Otis Worldwide by 15.6% during the fourth quarter. Cibc World Markets Corp now owns 63,086 shares of the company’s stock worth $5,842,000 after buying an additional 8,507 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Finally, Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $102.88.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by company insiders.

Otis Worldwide Price Performance

NYSE OTIS opened at $101.41 on Tuesday. The firm has a market cap of $40.21 billion, a price-to-earnings ratio of 24.98 and a beta of 1.05. The company has a fifty day moving average price of $96.91 and a 200-day moving average price of $98.16. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide announced that its board has approved a stock buyback plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.