First United Bank & Trust Cuts Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

by · The Markets Daily

First United Bank & Trust lessened its holdings in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 57.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 325 shares of the company’s stock after selling 432 shares during the quarter. First United Bank & Trust’s holdings in Otis Worldwide were worth $34,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wesbanco Bank Inc. boosted its stake in shares of Otis Worldwide by 3.8% in the third quarter. Wesbanco Bank Inc. now owns 34,675 shares of the company’s stock valued at $3,604,000 after buying an additional 1,262 shares in the last quarter. Selway Asset Management lifted its holdings in Otis Worldwide by 0.8% in the third quarter. Selway Asset Management now owns 20,021 shares of the company’s stock valued at $2,081,000 after acquiring an additional 150 shares during the period. CHICAGO TRUST Co NA boosted its position in shares of Otis Worldwide by 21.6% during the 3rd quarter. CHICAGO TRUST Co NA now owns 2,678 shares of the company’s stock worth $278,000 after purchasing an additional 475 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Otis Worldwide by 1,094.9% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company’s stock worth $145,000 after purchasing an additional 1,281 shares during the period. Finally, Carnegie Investment Counsel increased its holdings in shares of Otis Worldwide by 7.0% in the 3rd quarter. Carnegie Investment Counsel now owns 190,321 shares of the company’s stock valued at $19,782,000 after purchasing an additional 12,430 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on OTIS. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays lifted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $102.71.

Get Our Latest Stock Report on Otis Worldwide

Otis Worldwide Trading Up 0.6 %

Shares of OTIS stock opened at $105.13 on Thursday. The company has a market capitalization of $42.51 billion, a price-to-earnings ratio of 30.38 and a beta of 1.03. The firm has a 50-day moving average price of $96.92 and a 200 day moving average price of $96.52. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $106.10.

Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 earnings per share. As a group, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

About Otis Worldwide

(Free Report)

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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