Sterling Financial Planning Inc. Acquires Shares of 2,500 Otis Worldwide Co. (NYSE:OTIS)

Sterling Financial Planning Inc. acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,500 shares of the company’s stock, valued at approximately $224,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JB Capital LLC increased its stake in shares of Otis Worldwide by 0.5% during the fourth quarter. JB Capital LLC now owns 26,572 shares of the company’s stock worth $2,377,000 after purchasing an additional 129 shares in the last quarter. Baystate Wealth Management LLC increased its stake in shares of Otis Worldwide by 16.7% during the fourth quarter. Baystate Wealth Management LLC now owns 964 shares of the company’s stock worth $86,000 after purchasing an additional 138 shares in the last quarter. Sigma Planning Corp increased its stake in shares of Otis Worldwide by 3.5% during the third quarter. Sigma Planning Corp now owns 4,189 shares of the company’s stock worth $336,000 after purchasing an additional 141 shares in the last quarter. Belpointe Asset Management LLC increased its stake in shares of Otis Worldwide by 5.2% during the first quarter. Belpointe Asset Management LLC now owns 2,857 shares of the company’s stock worth $241,000 after purchasing an additional 142 shares in the last quarter. Finally, Avior Wealth Management LLC increased its stake in shares of Otis Worldwide by 42.3% during the third quarter. Avior Wealth Management LLC now owns 481 shares of the company’s stock worth $39,000 after purchasing an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of research reports. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Finally, Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Seven analysts have rated the stock with 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 price target of $94.29.

Otis Worldwide Stock Up 0.6 %

NYSE:OTIS traded up $0.53 on Thursday, hitting $95.49. The stock had a trading volume of 1,794,443 shares, compared to its average volume of 1,997,065. The stock has a market cap of $38.60 billion, a price-to-earnings ratio of 28.01 and a beta of 1.01. The company has a fifty day moving average price of $95.93 and a two-hundred day moving average price of $88.68. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the prior year, the business posted $0.75 EPS. As a group, analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.42%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by 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.