C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Purchases New Position in Otis Worldwide Co. (NYSE:OTIS)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,436 shares of the company’s stock, valued at approximately $334,000.

A number of other institutional investors also recently made changes to their positions in the company. Riverview Trust Co acquired a new position in Otis Worldwide in the 3rd quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new stake in Otis Worldwide in the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC boosted its stake in shares of 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 buying an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Otis Worldwide during the third quarter worth approximately $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $97.99 on Friday. The stock has a market cap of $38.85 billion, a P/E ratio of 24.13 and a beta of 1.06. The firm has a 50 day moving average price of $94.83 and a two-hundred day moving average price of $97.09. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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%. Analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its board has initiated a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on OTIS shares. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. UBS Group initiated coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Finally, Wells Fargo & Company dropped 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling

In other news, EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction that occurred 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 owns 169 shares of the company’s stock, valued at $16,127.67. This trade represents a 99.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock valued at $10,046,255 over the last quarter. Insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.