450 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by Crowley Wealth Management Inc.

Crowley Wealth Management Inc. bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 450 shares of the company’s stock, valued at approximately $42,000.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in 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 in the last quarter. Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $34,000. Flagship Wealth Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at approximately $34,000. Finally, Truvestments Capital LLC acquired a new stake in Otis Worldwide during the third quarter valued at approximately $36,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.9 %

NYSE:OTIS opened at $100.97 on Monday. The firm has a 50 day moving average of $97.73 and a 200-day moving average of $98.36. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.83. The stock has a market capitalization of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 negative return on equity of 31.76% and a net margin of 11.53%. As a group, analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 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 value of $3,588,712.92. Following the transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last quarter. Insiders own 0.23% of the company’s stock.

Otis Worldwide Company Profile

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.