3,436 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,436 shares of the company’s stock, valued at approximately $334,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $73,000. Venturi Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 223.0% in the 4th quarter. Venturi Wealth Management LLC now owns 927 shares of the company’s stock worth $86,000 after purchasing an additional 640 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Otis Worldwide by 529.2% in the 4th quarter. Allworth Financial LP now owns 28,124 shares of the company’s stock worth $2,683,000 after purchasing an additional 23,654 shares in the last quarter. Seascape Capital Management boosted its holdings in shares of Otis Worldwide by 0.8% in the 4th quarter. Seascape Capital Management now owns 34,130 shares of the company’s stock worth $3,161,000 after purchasing an additional 271 shares in the last quarter. Finally, PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 4.2% in the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company’s stock worth $278,054,000 after purchasing an additional 121,322 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This represents a 16.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred 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 completion of the transaction, 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. In the last quarter, insiders sold 105,621 shares of company stock valued at $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $99.02 on Friday. The business has a 50 day simple moving average of $94.64 and a two-hundred day simple moving average of $97.22. The firm has a market capitalization of $39.26 billion, a price-to-earnings ratio of 24.39 and a beta of 1.06. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 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%. As a group, sell-side analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on OTIS shares. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price for the company. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Finally, Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $102.88.

Otis Worldwide 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.