Moody National Bank Trust Division decreased its position in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 6.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,201 shares of the company’s stock after selling 349 shares during the quarter. Moody National Bank Trust Division’s holdings in Otis Worldwide were worth $482,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in OTIS. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide in the second quarter valued at approximately $991,000. M&T Bank Corp lifted its holdings in Otis Worldwide by 11.2% during the 3rd quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after buying an additional 4,918 shares during the period. JPMorgan Chase & Co. boosted its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the period. Finally, Blair William & Co. IL grew its stake in shares of Otis Worldwide by 64.7% in the second quarter. Blair William & Co. IL now owns 24,544 shares of the company’s stock worth $2,363,000 after acquiring an additional 9,643 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Otis Worldwide
In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $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 the SEC website. 0.23% of the stock is currently owned by company insiders.
Otis Worldwide Stock Performance
Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. As a group, analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.70%. The ex-dividend date was Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on OTIS shares. Wells Fargo & Company reduced their price target 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. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research report on Thursday, December 12th. Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $103.50.
Read Our Latest Report on OTIS
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.
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