Callan Family Office LLC Purchases Shares of 3,575 Otis Worldwide Co. (NYSE:OTIS)

Callan Family Office LLC bought a new position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,575 shares of the company's stock, valued at approximately $331,000.

A number of other hedge funds have also modified their holdings of OTIS. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide in the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC lifted 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 worth $30,000 after buying an additional 267 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth $33,000. Capital Performance Advisors LLP purchased a new position in Otis Worldwide during the third quarter valued at $34,000. Finally, Golden State Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter valued at $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

OTIS stock traded up $1.08 during mid-day trading on Friday, reaching $100.69. 1,612,972 shares of the stock traded hands, compared to its average volume of 2,000,459. The business has a 50-day moving average price of $96.57 and a two-hundred day moving average price of $97.99. The stock has a market capitalization of $39.93 billion, a PE ratio of 24.80 and a beta of 1.05. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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%. On average, equities analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio is currently 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on OTIS shares. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Wolfe Research downgraded 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. Finally, JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $102.88.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. This represents a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. The trade was a 6.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,281 shares of company stock worth $10,747,553. 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.