M&T Bank Corp Acquires 18,536 Shares of Otis Worldwide Co. (NYSE:OTIS)

M&T Bank Corp raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 11.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 183,984 shares of the company’s stock after buying an additional 18,536 shares during the quarter. M&T Bank Corp’s holdings in Otis Worldwide were worth $19,123,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. TCW Group Inc. raised its position in shares of Otis Worldwide by 0.5% during the third quarter. TCW Group Inc. now owns 43,563 shares of the company’s stock valued at $4,528,000 after buying an additional 197 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in shares of Otis Worldwide by 4.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after acquiring an additional 122 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Otis Worldwide by 11.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,580 shares of the company’s stock worth $267,000 after purchasing an additional 272 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Otis Worldwide by 1.4% during the third quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after purchasing an additional 152,072 shares during the period. Finally, Foyston Gordon & Payne Inc lifted its position in Otis Worldwide by 1.3% in the third quarter. Foyston Gordon & Payne Inc now owns 55,938 shares of the company’s stock worth $5,814,000 after purchasing an additional 744 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $93.56 on Friday. Otis Worldwide Co. has a 52 week low of $85.42 and a 52 week high of $106.33. The firm has a market cap of $37.37 billion, a P/E ratio of 23.33 and a beta of 1.04. The business’s fifty day moving average is $100.56 and its two-hundred day moving average is $97.90.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The company’s revenue was up .7% compared to the same quarter last year. On average, equities research analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.67%. Otis Worldwide’s dividend payout ratio is currently 38.90%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OTIS. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, UBS Group started coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $104.50.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently 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.