M&T Bank Corp Decreases Position in Otis Worldwide Corporation (NYSE:OTIS)

M&T Bank Corp lowered 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. 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 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Otis Worldwide by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after purchasing an additional 149,123 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 26.5% during the 4th 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. Geode Capital Management LLC grew its stake in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after acquiring an additional 95,035 shares during the period. Franklin Resources Inc. boosted its stake in Otis Worldwide by 5.9% in the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares during the period. Finally, Norges Bank bought a new position in Otis Worldwide in the 4th quarter worth about $649,883,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wells Fargo & Company raised their target price on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Morgan Stanley raised their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday. Royal Bank Of Canada lowered their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Barclays raised their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus price target of $102.86.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.64 during mid-day trading on Thursday, hitting $99.98. The company's stock had a trading volume of 1,590,257 shares, compared to its average volume of 2,324,680. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The business has a 50-day moving average price of $97.04 and a 200 day moving average price of $96.94. The stock has a market cap of $39.46 billion, a price-to-earnings ratio of 26.24 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. The company had revenue of $3.35 billion during 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%. Otis Worldwide's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 earnings per share. Equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.68%. Otis Worldwide's dividend payout ratio is 44.09%.

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.