FineMark National Bank & Trust Sells 610 Shares of Otis Worldwide Co. (NYSE:OTIS)

FineMark National Bank & Trust lessened its stake in Otis Worldwide Co. (NYSE:OTIS) by 6.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,651 shares of the company’s stock after selling 610 shares during the period. FineMark National Bank & Trust’s holdings in Otis Worldwide were worth $833,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Carmichael Hill & Associates Inc. grew its position in shares of Otis Worldwide by 24.8% in the 2nd quarter. Carmichael Hill & Associates Inc. now owns 2,255 shares of the company’s stock valued at $217,000 after buying an additional 448 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Otis Worldwide by 7.4% in the 2nd quarter. Larson Financial Group LLC now owns 4,165 shares of the company’s stock valued at $401,000 after buying an additional 288 shares during the last quarter. TIAA Trust National Association grew its position in shares of Otis Worldwide by 2.0% in the 2nd quarter. TIAA Trust National Association now owns 149,335 shares of the company’s stock valued at $14,375,000 after buying an additional 2,968 shares during the last quarter. Resonant Capital Advisors LLC grew its position in shares of Otis Worldwide by 4.6% in the 2nd quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock valued at $330,000 after buying an additional 150 shares during the last quarter. Finally, Natixis Advisors LLC boosted its position in shares of Otis Worldwide by 23.1% during the 2nd quarter. Natixis Advisors LLC now owns 266,752 shares of the company’s stock valued at $25,678,000 after purchasing an additional 50,089 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several research analyst reports. Argus upped their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $98.83.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $92.44 on Friday. The business’s 50 day simple moving average is $94.94 and its two-hundred day simple moving average is $95.91. The firm has a market cap of $37.37 billion, a P/E ratio of 26.72 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. On average, equities analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

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.