Otis Worldwide Co. (NYSE:OTIS) Stock Position Lessened by American National Bank & Trust

American National Bank & Trust lowered its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 43.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 8,766 shares of the company's stock after selling 6,802 shares during the quarter. American National Bank & Trust's holdings in Otis Worldwide were worth $905,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Czech National Bank lifted its holdings in shares of Otis Worldwide by 5.2% in the 1st quarter. Czech National Bank now owns 91,074 shares of the company's stock worth $9,399,000 after acquiring an additional 4,462 shares during the last quarter. Rhumbline Advisers boosted its holdings in Otis Worldwide by 5.7% during the 1st quarter. Rhumbline Advisers now owns 771,542 shares of the company's stock valued at $79,623,000 after acquiring an additional 41,596 shares during the period. Allied Investment Advisors LLC grew its position in Otis Worldwide by 6.0% in the 1st quarter. Allied Investment Advisors LLC now owns 109,330 shares of the company's stock valued at $11,283,000 after acquiring an additional 6,230 shares in the last quarter. BTC Capital Management Inc. lifted its position in shares of Otis Worldwide by 0.8% during the first quarter. BTC Capital Management Inc. now owns 57,791 shares of the company's stock worth $5,965,000 after purchasing an additional 466 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after purchasing an additional 814,057 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Royal Bank of Canada decreased their price target on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $100.71.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.05 during mid-day trading on Thursday, reaching $95.32. 545,975 shares of the company's stock were exchanged, compared to its average volume of 2,309,037. The stock has a market capitalization of $37.62 billion, a PE ratio of 23.48 and a beta of 1.01. The business's fifty day simple moving average is $96.67 and its 200-day simple moving average is $97.29. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period last year, the firm posted $0.88 EPS. Otis Worldwide's quarterly revenue was down 2.5% on a year-over-year basis. Equities research analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Friday, May 16th. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is 44.09%.

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.