94,405 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Clarkston Capital Partners LLC

Clarkston Capital Partners LLC bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 94,405 shares of the company’s stock, valued at approximately $8,743,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC lifted its holdings 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 purchasing an additional 267 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter worth $34,000. Finally, OFI Invest Asset Management acquired a new position in Otis Worldwide during the fourth quarter worth $37,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. The trade was a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % 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 over the last ninety days. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on OTIS. Barclays boosted their price target on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price target 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, 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 report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $103.00.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $94.85 on Friday. Otis Worldwide Co. has a 52-week low of $90.12 and a 52-week high of $106.83. The company has a market capitalization of $37.61 billion, a P/E ratio of 23.36 and a beta of 1.00. The company has a 50-day simple moving average of $99.32 and a 200 day simple moving average of $98.96.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 analysts forecast that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide declared that its board 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 repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is presently 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.