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

M&T Bank Corp trimmed its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure 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 period. 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 also recently modified their holdings of the company. Transce3nd LLC bought a new stake in Otis Worldwide during the fourth quarter worth about $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide during the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide during the fourth quarter worth approximately $28,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide during the first quarter worth approximately $31,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter worth approximately $34,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.1%

Otis Worldwide stock opened at $99.68 on Wednesday. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The stock's 50 day moving average is $96.91 and its 200-day moving average is $96.88. The company has a market capitalization of $39.34 billion, a price-to-earnings ratio of 26.16 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 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%. The firm's revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 earnings per share. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on OTIS shares. Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Wells Fargo & Company boosted their price target on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. 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 research report on Monday, April 28th. Finally, Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $102.57.

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.

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