Rehmann Capital Advisory Group Purchases 3,582 Shares of Otis Worldwide Co. (NYSE:OTIS)

Rehmann Capital Advisory Group grew its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 124.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,449 shares of the company's stock after purchasing an additional 3,582 shares during the quarter. Rehmann Capital Advisory Group's holdings in Otis Worldwide were worth $597,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 4.2% during the fourth quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock worth $278,054,000 after acquiring an additional 121,322 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in 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 purchasing an additional 8,161,946 shares during the last quarter. SVB Wealth LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at about $337,000. Clarkston Capital Partners LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at about $8,743,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Otis Worldwide by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,304,482 shares of the company's stock valued at $213,418,000 after buying an additional 67,937 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. 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 report on Tuesday, April 8th. Wells Fargo & Company dropped their price objective 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. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank of Canada dropped their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $100.00.

Otis Worldwide Trading Up 0.1 %

NYSE:OTIS opened at $96.34 on Friday. The company has a 50-day moving average price of $98.80 and a 200-day moving average price of $98.07. The stock has a market cap of $38.11 billion, a price-to-earnings ratio of 23.73 and a beta of 1.00. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.41 billion. During the same period in the previous year, the firm posted $0.88 EPS. The business's revenue was down 2.5% on a year-over-year basis. Equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be issued 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 dividend on an annualized basis and a yield of 1.74%. Otis Worldwide's dividend payout ratio is 44.09%.

Otis Worldwide announced that its Board of Directors has approved a stock buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 4,775 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $450,807.75. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company's stock, valued at $2,353,358.07. This trade represents a 16.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Judith Fran Marks sold 38,012 shares of the business's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,587 shares of company stock valued at $7,627,564. 0.23% of the stock is currently owned by company insiders.

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.

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