Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by M&T Bank Corp

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

A number of other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in Otis Worldwide by 26.5% during the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth $649,883,000. GAMMA Investing LLC raised its position in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after acquiring an additional 814,057 shares during the period. BNP Paribas Financial Markets acquired a new position in Otis Worldwide during the fourth quarter worth $66,962,000. Finally, Northern Trust Corp raised its position in Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after acquiring an additional 501,016 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Barclays upped their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Finally, Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $102.86.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded down $0.55 during midday trading on Friday, hitting $99.41. The company's stock had a trading volume of 1,187,189 shares, compared to its average volume of 2,324,383. The business's fifty day simple moving average is $97.08 and its two-hundred day simple moving average is $97.00. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The firm has a market capitalization of $39.24 billion, a price-to-earnings ratio of 26.09 and a beta of 0.98.

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

Otis Worldwide Increases Dividend

The business 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. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is presently 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.