Callan Capital LLC Takes $215,000 Position in Otis Worldwide Co. (NYSE:OTIS)

Callan Capital LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,400 shares of the company’s stock, valued at approximately $215,000.

A number of other institutional investors have also modified their holdings of OTIS. AE Wealth Management LLC increased its holdings in shares of Otis Worldwide by 15.4% in the third quarter. AE Wealth Management LLC now owns 11,078 shares of the company’s stock valued at $890,000 after purchasing an additional 1,476 shares during the period. Global Retirement Partners LLC grew its holdings in Otis Worldwide by 23.4% during the third quarter. Global Retirement Partners LLC now owns 1,174 shares of the company’s stock worth $94,000 after acquiring an additional 223 shares during the period. Avior Wealth Management LLC grew its holdings in 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 acquiring an additional 143 shares during the period. Czech National Bank grew its holdings in Otis Worldwide by 47.2% during the third quarter. Czech National Bank now owns 71,965 shares of the company’s stock worth $5,780,000 after acquiring an additional 23,061 shares during the period. Finally, Asset Management One Co. Ltd. grew its holdings in Otis Worldwide by 1.0% during the third quarter. Asset Management One Co. Ltd. now owns 164,066 shares of the company’s stock worth $13,176,000 after acquiring an additional 1,618 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS traded down $0.82 during trading hours on Friday, hitting $92.20. 2,314,121 shares of the company’s stock were exchanged, compared to its average volume of 1,745,609. The business’s 50 day moving average is $96.44 and its 200-day moving average is $89.35. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.35. The firm has a market capitalization of $37.27 billion, a P/E ratio of 26.64 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a yield of 1.69%. Otis Worldwide’s dividend payout ratio is currently 39.31%.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company’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 completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, 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 currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. UBS Group upped their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Thursday, February 22nd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $96.86.

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.