Custos Family Office LLC Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Custos Family Office LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,515 shares of the company’s stock, valued at approximately $233,000.

Several other hedge funds and other institutional investors have also bought and sold shares of OTIS. Resonant Capital Advisors LLC increased its holdings in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after buying an additional 105 shares during the period. Montis Financial LLC increased its holdings in Otis Worldwide by 5.2% in the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares during the period. Dorsey & Whitney Trust CO LLC increased its holdings in Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after buying an additional 114 shares during the period. Mesirow Financial Investment Management Inc. increased its holdings in Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company’s stock valued at $600,000 after buying an additional 117 shares during the period. Finally, Rehmann Capital Advisory Group increased its holdings in Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after buying an additional 122 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $101.41 on Tuesday. Otis Worldwide Co. has a fifty-two week low of $90.12 and a fifty-two week high of $106.83. The firm has a market capitalization of $40.21 billion, a price-to-earnings ratio of 24.98 and a beta of 1.05. The company’s 50 day moving average price is $96.91 and its two-hundred day moving average price is $98.16.

Otis Worldwide (NYSE:OTIS) last posted 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%. As a group, equities research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide declared that its board has initiated a share buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.42%.

Insider Transactions at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 4,775 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peiming Zheng sold 32,694 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,281 shares of company stock worth $10,747,553. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several research reports. Barclays decreased 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. Wolfe Research lowered shares of 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. JPMorgan Chase & Co. decreased their price target 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. Finally, Wells Fargo & Company decreased their price target 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. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.88.

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.