Essential Planning LLC. Buys Shares of 3,250 Otis Worldwide Co. (NYSE:OTIS)

Essential Planning LLC. bought a new stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,250 shares of the company's stock, valued at approximately $326,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Resonant Capital Advisors LLC grew its holdings in Otis Worldwide by 3.1% during the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after buying an additional 105 shares in the last quarter. Dorsey & Whitney Trust CO LLC boosted its position in shares of Otis Worldwide by 1.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock valued at $643,000 after acquiring an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its position in shares of Otis Worldwide by 1.8% during the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after acquiring an additional 117 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in shares of Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock valued at $299,000 after acquiring an additional 122 shares during the last quarter. Finally, PFG Investments LLC boosted its position in shares of Otis Worldwide by 4.1% during the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company's stock valued at $309,000 after acquiring an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wolfe Research downgraded Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their target price on 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 dropped their target price 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $102.88.

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Insider Buying and Selling at Otis Worldwide

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 stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 value of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % 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 worth $10,747,553. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $99.44 on Friday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The stock has a 50 day moving average price of $96.57 and a two-hundred day moving average price of $97.99. The company has a market capitalization of $39.43 billion, a P/E ratio of 24.49 and a beta of 1.05.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide's payout ratio is currently 38.42%.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

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.

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