Pinnacle Financial Partners Inc Acquires 60,140 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pinnacle Financial Partners Inc grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1,314.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,714 shares of the company’s stock after buying an additional 60,140 shares during the period. Pinnacle Financial Partners Inc’s holdings in Otis Worldwide were worth $6,726,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in OTIS. Haverford Trust Co increased its stake in Otis Worldwide by 8.4% during the third quarter. Haverford Trust Co now owns 2,328 shares of the company’s stock worth $242,000 after acquiring an additional 180 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Otis Worldwide by 30.0% in the 3rd quarter. Victory Capital Management Inc. now owns 685,347 shares of the company’s stock worth $71,235,000 after purchasing an additional 158,010 shares during the period. Aptus Capital Advisors LLC increased its position in shares of Otis Worldwide by 30.0% during the 3rd quarter. Aptus Capital Advisors LLC now owns 4,645 shares of the company’s stock valued at $483,000 after purchasing an additional 1,073 shares during the last quarter. Harbour Investments Inc. raised its holdings in Otis Worldwide by 11.4% during the 3rd quarter. Harbour Investments Inc. now owns 2,174 shares of the company’s stock valued at $226,000 after buying an additional 222 shares during the period. Finally, Chartwell Investment Partners LLC lifted its position in Otis Worldwide by 6.7% in the third quarter. Chartwell Investment Partners LLC now owns 70,576 shares of the company’s stock worth $7,336,000 after buying an additional 4,417 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley began coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. Barclays decreased their price objective on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Wells Fargo & Company cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $104.57.

Otis Worldwide Trading Up 0.7 %

OTIS opened at $100.39 on Thursday. The business’s fifty day simple moving average is $99.99 and its 200-day simple moving average is $97.19. The company has a market capitalization of $40.10 billion, a price-to-earnings ratio of 25.03 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $82.43 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business posted $0.95 EPS. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts predict that Otis Worldwide Co. will post 3.85 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.55%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.23% of the company’s stock.

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.