3,584 Shares in Otis Worldwide Co. (NYSE:OTIS) Acquired by Aaron Wealth Advisors LLC

Aaron Wealth Advisors LLC purchased a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 3,584 shares of the company’s stock, valued at approximately $332,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. HB Wealth Management LLC increased its stake in Otis Worldwide by 4.5% in the fourth quarter. HB Wealth Management LLC now owns 16,209 shares of the company’s stock valued at $1,501,000 after purchasing an additional 691 shares in the last quarter. Sanibel Captiva Trust Company Inc. increased its position in Otis Worldwide by 3.5% in the 4th quarter. Sanibel Captiva Trust Company Inc. now owns 11,469 shares of the company’s stock valued at $1,062,000 after buying an additional 385 shares in the last quarter. Arkadios Wealth Advisors raised its stake in Otis Worldwide by 20.0% during the 4th quarter. Arkadios Wealth Advisors now owns 2,996 shares of the company’s stock worth $277,000 after buying an additional 499 shares during the period. Canoe Financial LP boosted its holdings in Otis Worldwide by 699.5% in the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company’s stock worth $95,705,000 after acquiring an additional 904,157 shares in the last quarter. Finally, Trivant Custom Portfolio Group LLC grew its stake in Otis Worldwide by 1.6% in the fourth quarter. Trivant Custom Portfolio Group LLC now owns 15,230 shares of the company’s stock valued at $1,410,000 after acquiring an additional 243 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $94.76 on Tuesday. Otis Worldwide Co. has a 52 week low of $85.61 and a 52 week high of $106.33. The firm has a 50-day moving average price of $96.80 and a two-hundred day moving average price of $97.29. The firm has a market cap of $37.85 billion, a price-to-earnings ratio of 23.63 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The business’s revenue was up .7% compared to the same quarter last year. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 38.90%.

Otis Worldwide declared that its Board of Directors has approved a share repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OTIS. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a report on Thursday, December 12th. Two equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.88.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.23% of the stock is owned by company insiders.

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.