Cullen Frost Bankers Inc. Trims Stake in Otis Worldwide Corporation (NYSE:OTIS)

Cullen Frost Bankers Inc. cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,246 shares of the company's stock after selling 3,016 shares during the period. Cullen Frost Bankers Inc.'s holdings in Otis Worldwide were worth $11,377,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. Proficio Capital Partners LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $193,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Otis Worldwide by 5.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 24,613 shares of the company's stock valued at $2,279,000 after purchasing an additional 1,243 shares during the last quarter. Twin Tree Management LP bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $425,000. Cibc World Markets Corp lifted its stake in shares of Otis Worldwide by 15.6% in the 4th quarter. Cibc World Markets Corp now owns 63,086 shares of the company's stock valued at $5,842,000 after purchasing an additional 8,507 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Otis Worldwide by 4.7% in the 4th quarter. Parallel Advisors LLC now owns 9,722 shares of the company's stock valued at $900,000 after purchasing an additional 439 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OTIS. Morgan Stanley raised their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised Otis Worldwide from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $101.00 to $109.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday. They issued a "hold" rating and a $109.00 price target on the stock. Wells Fargo & Company increased their price target on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, Barclays increased their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday, July 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $104.63.

Otis Worldwide Trading Down 1.7%

Shares of NYSE OTIS traded down $1.69 during midday trading on Friday, hitting $99.38. The company's stock had a trading volume of 2,211,342 shares, compared to its average volume of 2,318,244. The business's 50 day moving average is $97.33 and its two-hundred day moving average is $97.17. Otis Worldwide Corporation has a 12-month low of $89.70 and a 12-month high of $106.83. The firm has a market cap of $39.22 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 2.72 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a negative return on equity of 31.72% and a net margin of 10.83%. Otis Worldwide's quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business posted $0.88 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were issued a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.69%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.09%.

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.