Custos Family Office LLC Acquires Shares of 2,515 Otis Worldwide Co. (NYSE:OTIS)

Custos Family Office LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,515 shares of the company's stock, valued at approximately $233,000.

Several other large investors have also bought and sold shares of the business. Fortitude Family Office LLC grew its position 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 in the last quarter. Centricity Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at $33,000. Golden State Wealth Management LLC bought a new position in Otis Worldwide in the fourth quarter valued at $34,000. Flagship Wealth Advisors LLC bought a new position in Otis Worldwide in the fourth quarter valued at $34,000. Finally, Truvestments Capital LLC bought a new position in Otis Worldwide in the third quarter valued at $36,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.9 %

Shares of NYSE OTIS traded down $0.93 during mid-day trading on Friday, reaching $100.97. 7,242,491 shares of the company were exchanged, compared to its average volume of 2,008,301. The company's 50-day simple moving average is $97.73 and its 200-day simple moving average is $98.31. The stock has a market capitalization of $40.04 billion, a P/E ratio of 24.87 and a beta of 1.05. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83.

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Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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%. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at $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. Insiders sold 112,281 shares of company stock worth $10,747,553 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research report 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 objective for the company. in a research 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 report on Thursday, January 30th. Finally, Wells Fargo & Company decreased their price objective on shares of 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. 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. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $102.88.

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.