Iron Gate Global Advisors LLC Purchases Shares of 6,749 Otis Worldwide Co. (NYSE:OTIS)

Iron Gate Global Advisors LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,749 shares of the company's stock, valued at approximately $623,000.

Other large investors have also recently bought and sold shares of the company. Morse Asset Management Inc purchased a new stake in Otis Worldwide during the third quarter worth $130,000. Coldstream Capital Management Inc. increased its position in Otis Worldwide by 11.8% during the third quarter. Coldstream Capital Management Inc. now owns 2,580 shares of the company's stock worth $267,000 after purchasing an additional 272 shares during the last quarter. M&T Bank Corp increased its position in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company's stock worth $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Sanctuary Advisors LLC boosted its position in shares of Otis Worldwide by 3.3% in the third quarter. Sanctuary Advisors LLC now owns 23,223 shares of the company's stock worth $2,350,000 after buying an additional 737 shares during the period. Finally, Wilmington Savings Fund Society FSB raised its stake in shares of Otis Worldwide by 297.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock valued at $1,385,000 after purchasing an additional 9,979 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OTIS. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a report on Thursday, January 30th. Barclays increased their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $100.88.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide 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 sale, the chief executive officer now 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 in the last quarter. Insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 1.7 %

Otis Worldwide stock traded down $1.63 during mid-day trading on Monday, reaching $96.89. The company had a trading volume of 579,591 shares, compared to its average volume of 2,185,937. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The company has a market cap of $38.42 billion, a P/E ratio of 23.86 and a beta of 1.00. The business has a fifty day simple moving average of $99.30 and a 200 day simple moving average of $98.53.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide's dividend payout ratio is currently 38.42%.

Otis Worldwide announced that its board has initiated a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is 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.