C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,436 shares of the company's stock, valued at approximately $334,000.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide during the third quarter valued at approximately $29,000. Fortitude Family Office LLC grew its stake in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $34,000. Golden State Wealth Management LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Truvestments Capital LLC acquired a new position in shares of Otis Worldwide during the third quarter worth $36,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.6 %

Shares of Otis Worldwide stock traded down $0.59 during mid-day trading on Friday, hitting $98.44. The stock had a trading volume of 2,744,926 shares, compared to its average volume of 2,065,801. The firm has a market cap of $39.03 billion, a P/E ratio of 24.25 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The firm has a 50-day moving average of $94.64 and a two-hundred day moving average of $97.22.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts expect that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide declared that its Board of Directors has initiated a share buyback program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

Insider Activity at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares of the company's stock, valued at $22,041,752.81. This represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. UBS Group initiated coverage on Otis Worldwide in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wolfe Research downgraded shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, Wells Fargo & Company cut 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 research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.88.

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.