PNC Financial Services Group Inc. lowered its stake in shares of Otis Worldwide Co. (NYSE:OTIS – Free Report) by 3.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 493,359 shares of the company’s stock after selling 18,525 shares during the quarter. PNC Financial Services Group Inc. owned about 0.12% of Otis Worldwide worth $39,622,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. American Century Companies Inc. increased its holdings in Otis Worldwide by 8.6% in the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock valued at $601,000 after buying an additional 620 shares during the period. Cibc World Market Inc. increased its holdings in Otis Worldwide by 3.0% in the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock valued at $898,000 after buying an additional 338 shares during the period. Moors & Cabot Inc. increased its holdings in Otis Worldwide by 7.7% in the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock valued at $506,000 after buying an additional 469 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Otis Worldwide by 25.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock valued at $272,000 after buying an additional 715 shares during the period. Finally, Brighton Jones LLC increased its holdings in Otis Worldwide by 5.0% in the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock valued at $298,000 after buying an additional 183 shares during the period. Institutional investors own 85.48% of the company’s stock.
Insider Buying and Selling
In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.11% of the stock is owned by company insiders.
Otis Worldwide Stock Down 1.1 %
Shares of NYSE OTIS opened at $91.24 on Friday. The firm’s 50-day simple moving average is $89.01 and its 200 day simple moving average is $84.93. The company has a market cap of $36.99 billion, a price-to-earnings ratio of 26.91 and a beta of 1.00. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $92.79.
Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period in the prior year, the business posted $0.75 EPS. On average, equities analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current year.
Otis Worldwide Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 8th. Investors of record on Friday, February 16th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a yield of 1.49%. Otis Worldwide’s payout ratio is 40.12%.
Analyst Upgrades and Downgrades
OTIS has been the topic of several analyst reports. Vertical Research lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. UBS Group boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Finally, Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 1st. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $90.67.
Get Our Latest Report on Otis Worldwide
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.
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