Sterling Financial Planning Inc. Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Sterling Financial Planning Inc. acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, Holdings Channel.com reports. The fund acquired 2,500 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $28,000. Orion Capital Management LLC bought a new stake in Otis Worldwide during the third quarter valued at $30,000. Janiczek Wealth Management LLC increased its stake in Otis Worldwide by 141.1% during the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock valued at $31,000 after purchasing an additional 223 shares during the last quarter. NBC Securities Inc. bought a new stake in Otis Worldwide during the third quarter valued at $33,000. Finally, Resurgent Financial Advisors LLC bought a new stake in Otis Worldwide during the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.53 on Thursday, reaching $95.49. The company’s stock had a trading volume of 1,794,443 shares, compared to its average volume of 1,997,065. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35. The stock has a market cap of $38.60 billion, a PE ratio of 28.01 and a beta of 1.01. The firm’s 50 day moving average is $95.93 and its two-hundred day moving average is $88.68.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $3.62 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the company earned $0.75 EPS. Equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Analyst Upgrades and Downgrades

OTIS has been the subject of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Thursday, February 22nd. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Melius began coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $94.29.

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.