94,405 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Clarkston Capital Partners LLC

Clarkston Capital Partners LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 94,405 shares of the company's stock, valued at approximately $8,743,000.

A number of other hedge funds have also added to or reduced their stakes in OTIS. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock valued at $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $34,000. Finally, OFI Invest Asset Management acquired a new stake in Otis Worldwide in the 4th quarter valued at $37,000. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on 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 transaction, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares of the company's stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by corporate insiders.

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Analysts Set New Price Targets

A number of analysts have commented on OTIS shares. Barclays boosted their price objective on Otis Worldwide from $91.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, March 26th. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday. 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 report on Thursday, January 30th. Finally, Wolfe Research lowered 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 research report on Thursday, December 12th. Two equities research 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 MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $100.88.

Otis Worldwide Stock Up 3.5 %

NYSE:OTIS traded up $3.34 during mid-day trading on Friday, hitting $97.66. 1,112,836 shares of the stock traded hands, compared to its average volume of 2,180,133. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The company has a market cap of $38.73 billion, a PE ratio of 24.00 and a beta of 1.00. The business's 50-day moving average price is $98.98 and its 200 day moving average price is $98.79.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results 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%. Analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has initiated a stock 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 purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

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.