Caprock Group LLC Purchases 4,534 Shares of Otis Worldwide Co. (NYSE:OTIS)

Caprock Group LLC raised its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 97.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,195 shares of the company’s stock after purchasing an additional 4,534 shares during the quarter. Caprock Group LLC’s holdings in Otis Worldwide were worth $852,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the third quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter worth approximately $28,000. Ashton Thomas Securities LLC purchased a new position in shares of Otis Worldwide in the third quarter worth approximately $29,000. Fortitude Family Office LLC boosted its holdings in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after buying an additional 267 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of Otis Worldwide in the third quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $94.57 on Tuesday. The firm has a market capitalization of $37.78 billion, a P/E ratio of 23.29 and a beta of 1.06. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The firm has a fifty day moving average price of $95.75 and a 200-day moving average price of $97.09.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

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

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.