AQR Capital Management LLC Purchases 96,105 Shares of Otis Worldwide Co. (NYSE:OTIS)

AQR Capital Management LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 34.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 378,542 shares of the company’s stock after acquiring an additional 96,105 shares during the period. AQR Capital Management LLC’s holdings in Otis Worldwide were worth $35,057,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Transce3nd LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the fourth quarter worth $28,000. Fortitude Family Office LLC grew its position in shares of Otis Worldwide by 485.5% in 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. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at $33,000. Finally, Golden State Wealth Management LLC purchased a new stake in Otis Worldwide during the 4th quarter worth about $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on OTIS. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Royal Bank of Canada reduced their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Finally, Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $100.00.

Insiders Place Their Bets

In other Otis Worldwide news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the transaction, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. The trade was a 11.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at approximately $2,353,358.07. This trade represents a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 79,587 shares of company stock valued at $7,627,564 over the last three months. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.0 %

Shares of OTIS stock opened at $97.36 on Friday. The business has a 50-day moving average price of $98.75 and a two-hundred day moving average price of $98.03. Otis Worldwide Co. has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market cap of $38.52 billion, a P/E ratio of 23.98 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same quarter in the previous year, the company posted $0.88 EPS. Otis Worldwide’s quarterly revenue was down 2.5% compared to the same quarter last year. As a group, research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Friday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.09%.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback plan on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Otis Worldwide 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.