Dynamic Technology Lab Private Ltd Purchases Shares of 8,900 Otis Worldwide Co. (NYSE:OTIS)

Dynamic Technology Lab Private Ltd bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,900 shares of the company's stock, valued at approximately $824,000.

A number of other large investors have also modified their holdings of OTIS. Fortitude Family Office LLC grew its holdings in shares of 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 period. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $34,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $34,000. Finally, OFI Invest Asset Management purchased a new position in Otis Worldwide in the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Insider Transactions 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the company'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 completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This represents a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock worth $10,747,553 in the last three months. Company insiders own 0.23% of the company's stock.

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Wall Street Analyst Weigh In

A number of analysts have recently weighed in on OTIS shares. Barclays upped their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday, March 26th. 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 research report on Thursday, December 12th. JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company decreased their price target 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $100.88.

Otis Worldwide Stock Performance

OTIS stock traded up $3.00 on Friday, reaching $97.32. The company had a trading volume of 924,484 shares, compared to its average volume of 2,442,918. The company's fifty day moving average is $98.98 and its 200 day moving average is $98.79. The company has a market cap of $38.59 billion, a P/E ratio of 23.93 and a beta of 1.00. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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 negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its board has authorized a share 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 reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently announced 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 1.60%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.42%.

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.