4,122 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Mystic Asset Management Inc.

Mystic Asset Management Inc. purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 4,122 shares of the company's stock, valued at approximately $382,000.

Several other large investors have also modified their holdings of the business. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $34,000. Signaturefd LLC raised its holdings in shares of Otis Worldwide by 14.4% in the 4th quarter. Signaturefd LLC now owns 5,701 shares of the company's stock valued at $528,000 after purchasing an additional 718 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Otis Worldwide by 4.7% in the 4th quarter. Parallel Advisors LLC now owns 9,722 shares of the company's stock valued at $900,000 after purchasing an additional 439 shares in the last quarter. Cibc World Markets Corp raised its stake in shares of Otis Worldwide by 15.6% during the 4th quarter. Cibc World Markets Corp now owns 63,086 shares of the company's stock worth $5,842,000 after acquiring an additional 8,507 shares in the last quarter. Finally, Twin Tree Management LP bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $425,000. Institutional investors own 88.03% of the company's stock.

Insider Activity

In other news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction 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 sale, the chief executive officer now directly owns 245,883 shares of the company's stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This trade represents a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last ninety days. Insiders own 0.23% of the company's stock.

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Wall Street Analyst Weigh In

OTIS has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced 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 note on Thursday, January 30th. Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company reduced 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 note on Thursday, January 30th. Finally, Wolfe Research lowered 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 note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $102.88.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $0.93 during mid-day trading on Friday, reaching $100.97. 7,242,491 shares of the company traded hands, compared to its average volume of 2,008,301. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The company has a market capitalization of $40.04 billion, a price-to-earnings ratio of 24.87 and a beta of 1.05. The firm's fifty day moving average is $97.73 and its two-hundred day moving average is $98.31.

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

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

Otis Worldwide Dividend Announcement

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

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.