Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Huntington National Bank

Huntington National Bank boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 3.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 19,577 shares of the company’s stock after acquiring an additional 699 shares during the quarter. Huntington National Bank’s holdings in Otis Worldwide were worth $2,035,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ICICI Prudential Asset Management Co Ltd purchased a new position in shares of Otis Worldwide during the 3rd quarter valued at approximately $2,141,000. Pinnacle Financial Partners Inc boosted its stake in Otis Worldwide by 1,314.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 64,714 shares of the company’s stock valued at $6,726,000 after acquiring an additional 60,140 shares during the last quarter. Haverford Trust Co boosted its stake in Otis Worldwide by 8.4% during the 3rd quarter. Haverford Trust Co now owns 2,328 shares of the company’s stock valued at $242,000 after acquiring an additional 180 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Otis Worldwide by 30.0% during the 3rd quarter. Victory Capital Management Inc. now owns 685,347 shares of the company’s stock worth $71,235,000 after acquiring an additional 158,010 shares in the last quarter. Finally, Aptus Capital Advisors LLC raised its stake in shares of Otis Worldwide by 30.0% in the 3rd quarter. Aptus Capital Advisors LLC now owns 4,645 shares of the company’s stock valued at $483,000 after purchasing an additional 1,073 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.2 %

OTIS stock opened at $99.10 on Friday. The stock has a market cap of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The firm’s 50-day simple moving average is $100.41 and its 200 day simple moving average is $97.27. Otis Worldwide Co. has a fifty-two week low of $83.21 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. Equities analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Analyst Ratings Changes

A number of equities analysts recently commented on OTIS shares. Barclays decreased their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday. They issued a “neutral” rating and a $113.00 price target for the company. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $104.57.

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.