Sone Capital Management LLC Acquires Shares of 49,886 Otis Worldwide Co. (NYSE:OTIS)

Sone Capital Management LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 49,886 shares of the company's stock, valued at approximately $4,620,000.

Several other institutional investors and hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the period. Merit Financial Group LLC increased its position in shares of Otis Worldwide by 6.9% during the fourth quarter. Merit Financial Group LLC now owns 10,790 shares of the company's stock valued at $999,000 after buying an additional 694 shares during the period. Brooklyn Investment Group increased its position in shares of Otis Worldwide by 18.8% during the fourth quarter. Brooklyn Investment Group now owns 1,171 shares of the company's stock valued at $108,000 after buying an additional 185 shares during the period. Arkadios Wealth Advisors increased its position in shares of Otis Worldwide by 20.0% during the fourth quarter. Arkadios Wealth Advisors now owns 2,996 shares of the company's stock valued at $277,000 after buying an additional 499 shares during the period. Finally, Sanibel Captiva Trust Company Inc. increased its position in shares of Otis Worldwide by 3.5% during the fourth quarter. Sanibel Captiva Trust Company Inc. now owns 11,469 shares of the company's stock valued at $1,062,000 after buying an additional 385 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

OTIS traded down $0.44 during trading on Friday, reaching $96.74. The stock had a trading volume of 2,286,762 shares, compared to its average volume of 2,329,220. The business has a 50-day moving average of $97.72 and a 200-day moving average of $97.56. Otis Worldwide Co. has a one year low of $89.70 and a one year high of $106.83. The stock has a market cap of $38.18 billion, a PE ratio of 23.83 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

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

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.23% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on OTIS shares. Barclays decreased their price target 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. upped their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Finally, Royal Bank of Canada lowered their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $100.71.

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.