M&T Bank Corp Sells 6,931 Shares of Otis Worldwide Corporation (NYSE:OTIS)

M&T Bank Corp reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,230 shares of the company's stock after selling 6,931 shares during the quarter. M&T Bank Corp's holdings in Otis Worldwide were worth $18,599,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OTIS. Proficio Capital Partners LLC acquired a new position in Otis Worldwide during the fourth quarter worth $193,000. Assetmark Inc. raised its stake in Otis Worldwide by 178.4% during the fourth quarter. Assetmark Inc. now owns 1,325 shares of the company's stock worth $123,000 after acquiring an additional 849 shares in the last quarter. Atria Investments Inc raised its stake in Otis Worldwide by 21.2% during the fourth quarter. Atria Investments Inc now owns 13,149 shares of the company's stock worth $1,218,000 after acquiring an additional 2,304 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Otis Worldwide during the fourth quarter worth $24,451,000. Finally, Callan Family Office LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $331,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.4%

Otis Worldwide stock traded down $0.43 during mid-day trading on Wednesday, hitting $99.25. The stock had a trading volume of 1,706,803 shares, compared to its average volume of 2,328,154. The stock has a 50-day simple moving average of $96.91 and a two-hundred day simple moving average of $96.88. The stock has a market capitalization of $39.17 billion, a PE ratio of 26.05 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83.

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

Otis Worldwide Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on OTIS shares. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Barclays increased their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a report on Wednesday. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday. Wells Fargo & Company increased their target price 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, Royal Bank Of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $102.86.

About Otis Worldwide

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.