Gateway Wealth Partners LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Gateway Wealth Partners LLC purchased a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 5,240 shares of the company's stock, valued at approximately $485,000.

Other large investors also recently modified their holdings of the company. M&T Bank Corp raised its position in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after buying an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock worth $1,385,000 after buying an additional 9,979 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Otis Worldwide by 6.3% in the third quarter. Handelsbanken Fonder AB now owns 228,821 shares of the company's stock worth $23,784,000 after buying an additional 13,602 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday. JPMorgan Chase & Co. lowered their price target 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. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a report on Wednesday, January 8th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $102.88.

Otis Worldwide Trading Up 0.8 %

Shares of OTIS traded up $0.74 during trading hours on Thursday, reaching $95.39. 2,499,646 shares of the stock traded hands, compared to its average volume of 2,174,838. The company's 50-day moving average price is $96.12 and its two-hundred day moving average price is $97.19. Otis Worldwide Co. has a 52-week low of $87.57 and a 52-week high of $106.33. The company has a market cap of $38.11 billion, a P/E ratio of 23.79 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. On average, research analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current year.

Otis Worldwide declared that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.64%. Otis Worldwide's payout ratio is presently 38.90%.

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.