2,241 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Crestwood Advisors Group LLC

Crestwood Advisors Group LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, Holdings Channel.com reports. The fund bought 2,241 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter valued at $28,000. Orion Capital Management LLC bought a new stake in Otis Worldwide in the third quarter valued at $30,000. Janiczek Wealth Management LLC increased its stake in Otis Worldwide by 141.1% in the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock valued at $31,000 after purchasing an additional 223 shares in the last quarter. NBC Securities Inc. bought a new stake in Otis Worldwide in the third quarter valued at $33,000. Finally, Resurgent Financial Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter valued at $33,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $96.05 on Tuesday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.35. The stock has a market capitalization of $38.82 billion, a price-to-earnings ratio of 28.33 and a beta of 1.01. The company has a fifty day moving average of $95.79 and a 200-day moving average of $88.53.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter in the prior year, the company posted $0.75 EPS. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.42%. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, February 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, UBS Group boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $94.29.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

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.