2,374 Shares in Otis Worldwide Co. (NYSE:OTIS) Bought by Capital Advantage Inc.

Capital Advantage Inc. purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,374 shares of the company’s stock, valued at approximately $220,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in Otis Worldwide by 1.3% in the 3rd quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock valued at $48,960,000 after buying an additional 6,261 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Otis Worldwide by 7.2% in the fourth quarter. Nordea Investment Management AB now owns 194,795 shares of the company’s stock worth $18,122,000 after acquiring an additional 13,043 shares during the last quarter. Fortitude Family Office LLC increased its position in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Otis Worldwide by 4.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 27,796 shares of the company’s stock valued at $2,574,000 after purchasing an additional 1,220 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Royal Bank of Canada decreased their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $100.00.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $96.31 on Wednesday. The business’s fifty day moving average price is $98.69 and its two-hundred day moving average price is $97.86. Otis Worldwide Co. has a fifty-two week low of $89.70 and a fifty-two week high of $106.83. The stock has a market capitalization of $38.01 billion, a price-to-earnings ratio of 23.72 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.88 EPS. Research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a $0.42 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.74%. Otis Worldwide’s payout ratio is presently 44.09%.

Otis Worldwide declared that its board has initiated a share repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide 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 of the company’s stock, valued at approximately $2,390,748.57. This trade represents a 6.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly 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. Over the last quarter, insiders have sold 36,800 shares of company stock valued at $3,588,044. 0.23% of the stock is currently owned by corporate insiders.

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.