Callan Capital LLC Sells 127 Shares of Otis Worldwide Co. (NYSE:OTIS)

Callan Capital LLC lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 4.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,649 shares of the company’s stock after selling 127 shares during the period. Callan Capital LLC’s holdings in Otis Worldwide were worth $245,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Ashton Thomas Securities LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth about $29,000. Fortitude Family Office LLC boosted its stake in shares of Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Otis Worldwide during the third quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new stake in Otis Worldwide in the third quarter valued at approximately $36,000. Finally, Centricity Wealth Management LLC purchased a new position in Otis Worldwide in the fourth quarter worth $33,000. Institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, EVP Nora E. Lafreniere sold 1,700 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company’s stock in a transaction dated 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 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 disclosure for this sale can be found here. In the last quarter, insiders sold 105,621 shares of company stock valued at $10,046,255. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.6 %

OTIS opened at $98.44 on Monday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The company has a 50-day moving average price of $94.65 and a 200 day moving average price of $97.31. The company has a market cap of $39.03 billion, a PE ratio of 24.25 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate 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, sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

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

Otis Worldwide Announces Dividend

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 dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.58%. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OTIS shares. 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. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Two investment 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.com, the stock presently has an average rating of “Hold” and a consensus 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.