M&T Bank Corp boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 5.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,764 shares of the company’s stock after buying an additional 8,762 shares during the period. M&T Bank Corp’s holdings in Otis Worldwide were worth $11,150,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of OTIS. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 0.3% in the third quarter. Vanguard Group Inc. now owns 39,694,622 shares of the company’s stock valued at $2,532,517,000 after buying an additional 123,746 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 9.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,283,071 shares of the company’s stock worth $444,028,000 after buying an additional 543,143 shares during the period. Boston Partners grew its position in shares of Otis Worldwide by 44.3% during the 3rd quarter. Boston Partners now owns 6,150,062 shares of the company’s stock worth $393,646,000 after buying an additional 1,887,275 shares during the period. Wellington Management Group LLP grew its position in shares of Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after buying an additional 1,484,963 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of Otis Worldwide by 33.8% during the 1st quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after buying an additional 984,793 shares during the period. Institutional investors and hedge funds own 83.95% of the company’s stock.
Insiders Place Their Bets
In other Otis Worldwide news, EVP Nora E. Lafreniere sold 11,514 shares of Otis Worldwide stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $83.83, for a total value of $965,218.62. Following the completion of the sale, the executive vice president now directly owns 6,376 shares in the company, valued at $534,500.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 16,005 shares of the business’s stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $84.26, for a total value of $1,348,581.30. Following the sale, the insider now directly owns 21,161 shares in the company, valued at $1,783,025.86. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nora E. Lafreniere sold 11,514 shares of the business’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $83.83, for a total value of $965,218.62. Following the sale, the executive vice president now owns 6,376 shares in the company, valued at $534,500.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,777 shares of company stock worth $2,759,404. 0.11% of the stock is owned by corporate insiders.
Otis Worldwide Stock Down 2.7 %
Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same period last year, the company earned $0.72 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. On average, analysts anticipate that Otis Worldwide Co. will post 3.44 EPS for the current fiscal year.
Otis Worldwide Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 17th were given a dividend of $0.29 per share. The ex-dividend date was Thursday, February 16th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.43%. Otis Worldwide’s dividend payout ratio (DPR) is 39.06%.
Analyst Ratings Changes
Several brokerages recently issued reports on OTIS. Wells Fargo & Company boosted their price objective on Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Cowen upped their price target on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a research report on Thursday, February 2nd. Barclays upped their price target on Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 2nd. Finally, Morgan Stanley upped their price objective on Otis Worldwide from $84.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $81.00.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services 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.
- Get a free copy of the StockNews.com research report on Otis Worldwide (OTIS)
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