Aaron Wealth Advisors LLC Invests $332,000 in Otis Worldwide Co. (NYSE:OTIS)

Aaron Wealth Advisors LLC acquired a new position in Otis Worldwide Co. (NYSE:OTIS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,584 shares of the company's stock, valued at approximately $332,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of OTIS. Riverview Trust Co acquired a new stake in shares of Otis Worldwide during the third quarter worth $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC raised its position 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 worth $30,000 after purchasing an additional 267 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter worth $34,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS traded up $0.70 during trading hours on Tuesday, hitting $95.47. 2,040,902 shares of the company were exchanged, compared to its average volume of 1,969,875. The company has a market cap of $38.14 billion, a PE ratio of 23.81 and a beta of 1.06. The firm's 50 day moving average is $96.67 and its 200-day moving average is $97.28. Otis Worldwide Co. has a 52 week low of $87.57 and a 52 week high of $106.33.

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

Otis Worldwide declared that its Board of Directors has initiated a stock buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction 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 completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on OTIS shares. Wells Fargo & Company cut their target price on Otis Worldwide from $105.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 7th. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target on the stock. in a research report on Thursday, December 12th. Barclays dropped their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price target on Otis Worldwide from $112.00 to $108.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 15th. Finally, UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $103.88.

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.