2,900 Shares in Otis Worldwide Co. (NYSE:OTIS) Acquired by Cypress Advisory Group LLC

Cypress Advisory Group LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,900 shares of the company's stock, valued at approximately $269,000.

Other hedge funds also recently modified their holdings of the company. Transce3nd LLC bought a new stake in Otis Worldwide during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $28,000. Fortitude Family Office LLC increased its stake in Otis Worldwide by 485.5% in the 4th 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 last quarter. Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the fourth quarter worth $33,000. Finally, Golden State Wealth Management LLC acquired a new position in Otis Worldwide during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on OTIS shares. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Royal Bank of Canada dropped their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Finally, Barclays reduced their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Two research 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. According to MarketBeat, Otis Worldwide has an average rating of "Hold" and an average target price of $100.00.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of Otis Worldwide stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction on Monday, March 10th. The shares were 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 directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 79,587 shares of company stock worth $7,627,564 in the last ninety days. Insiders own 0.23% of the company's stock.

Otis Worldwide Stock Down 1.2 %

Otis Worldwide stock traded down $1.16 during trading hours on Tuesday, hitting $96.25. The stock had a trading volume of 1,890,443 shares, compared to its average volume of 2,241,487. The stock's 50-day moving average price is $98.72 and its 200-day moving average price is $97.87. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The stock has a market capitalization of $37.99 billion, a P/E ratio of 23.69 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.75%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Otis Worldwide announced that its board has authorized 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 purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

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.