Otis Worldwide Co. (NYSE:OTIS) Shares Bought by Huntington National Bank

Huntington National Bank grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,577 shares of the company’s stock after acquiring an additional 699 shares during the period. Huntington National Bank’s holdings in Otis Worldwide were worth $2,035,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of OTIS. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. grew its position in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on OTIS shares. UBS Group initiated coverage on Otis Worldwide in a research note on Wednesday. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays reduced their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Wells Fargo & Company decreased their price target on shares of 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. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $104.57.

Otis Worldwide Stock Down 0.2 %

Shares of NYSE OTIS opened at $99.10 on Friday. The stock has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04. The firm has a fifty day moving average of $100.41 and a 200-day moving average of $97.27. Otis Worldwide Co. has a 52-week low of $83.21 and a 52-week high of $106.33.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s payout ratio is 38.90%.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

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.