Callan Family Office LLC Invests $331,000 in Otis Worldwide Co. (NYSE:OTIS)

Callan Family Office LLC purchased a new position in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,575 shares of the company’s stock, valued at approximately $331,000.

Several other institutional investors have also added to or reduced their stakes in OTIS. Principal Financial Group Inc. boosted its holdings in Otis Worldwide by 1.3% in the third quarter. Principal Financial Group Inc. now owns 471,044 shares of the company’s stock valued at $48,960,000 after acquiring an additional 6,261 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in Otis Worldwide in the third quarter valued at approximately $34,000. CWA Asset Management Group LLC bought a new stake in Otis Worldwide in the third quarter valued at approximately $210,000. Assetmark Inc. boosted its holdings in Otis Worldwide by 543.2% in the third quarter. Assetmark Inc. now owns 476 shares of the company’s stock valued at $49,000 after acquiring an additional 402 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. boosted its holdings in shares of Otis Worldwide by 3.7% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 6,363 shares of the company’s stock worth $661,000 after buying an additional 227 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OTIS shares. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $102.88.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. The trade was 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 sold 105,621 shares of company stock valued at $10,046,255. 0.23% of the stock is owned by insiders.

Otis Worldwide Stock Down 0.1 %

Shares of NYSE:OTIS opened at $103.95 on Tuesday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The stock’s 50 day moving average is $96.11 and its 200-day moving average is $97.92. The firm has a market capitalization of $41.22 billion, a price-to-earnings ratio of 25.60 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide announced that its board has approved a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Otis Worldwide Company 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.