8,145 Shares in Otis Worldwide Co. (NYSE:OTIS) Purchased by Ewing Morris & Co. Investment Partners Ltd.

Ewing Morris & Co. Investment Partners Ltd. bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 8,145 shares of the company's stock, valued at approximately $754,000.

A number of other hedge funds also recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC raised its position in Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares in the last quarter. Coldstream Capital Management Inc. raised its position in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after acquiring an additional 109 shares in the last quarter. Montis Financial LLC raised its position in Otis Worldwide by 5.2% in the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after acquiring an additional 110 shares in the last quarter. AlTi Global Inc. raised its position in Otis Worldwide by 4.9% in the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after acquiring an additional 113 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its stake in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after purchasing an additional 114 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.3%

NYSE:OTIS traded down $0.26 during mid-day trading on Friday, reaching $97.06. 2,082,294 shares of the company were exchanged, compared to its average volume of 2,274,452. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83. The company has a fifty day moving average of $98.52 and a 200 day moving average of $97.69. The stock has a market cap of $38.31 billion, a PE ratio of 23.91 and a beta of 1.01.

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

Otis Worldwide declared that its board has approved a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the sale, the chief executive officer now directly owns 230,153 shares in the company, valued at $22,041,752.81. This trade represents a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,800 shares of company stock worth $3,588,044. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on OTIS shares. Barclays dropped their price target 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. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Royal Bank of Canada lowered their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and a consensus target price of $100.00.

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.