American National Bank Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

American National Bank increased its position in shares of Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 1,022.6% during the 4th quarter, Holdings Channel reports. The firm owned 348 shares of the company’s stock after purchasing an additional 317 shares during the quarter. American National Bank’s holdings in Otis Worldwide were worth $27,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Financial Partners Inc. raised its stake in shares of Otis Worldwide by 256.4% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 417 shares of the company’s stock worth $27,000 after purchasing an additional 300 shares during the period. Old North State Trust LLC purchased a new position in Otis Worldwide in the third quarter valued at about $33,000. CI Investments Inc. grew its position in shares of Otis Worldwide by 986.5% during the 3rd quarter. CI Investments Inc. now owns 565 shares of the company’s stock valued at $36,000 after acquiring an additional 513 shares during the period. Independence Bank of Kentucky increased its stake in shares of Otis Worldwide by 980.4% during the 4th quarter. Independence Bank of Kentucky now owns 551 shares of the company’s stock worth $43,000 after purchasing an additional 500 shares during the last quarter. Finally, Carolinas Wealth Consulting LLC raised its holdings in shares of Otis Worldwide by 469.6% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 3,976 shares of the company’s stock worth $53,000 after purchasing an additional 3,278 shares during the period. 83.95% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 1.8 %

Otis Worldwide stock opened at $80.04 on Friday. The firm’s 50 day simple moving average is $83.16 and its 200 day simple moving average is $76.62. Otis Worldwide Co. has a 1-year low of $62.49 and a 1-year high of $87.33. The firm has a market capitalization of $33.21 billion, a PE ratio of 26.95 and a beta of 0.93.

Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings data on Wednesday, February 1st. The company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter last year, the business posted $0.72 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Co. will post 3.43 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, February 16th. Otis Worldwide’s dividend payout ratio (DPR) is 39.06%.

Insider Activity at Otis Worldwide

In other news, EVP Nora E. Lafreniere sold 11,514 shares of the firm’s stock in a transaction on Friday, February 3rd. The shares were sold at an average price of $83.83, for a total transaction of $965,218.62. Following the sale, the executive vice president now owns 6,376 shares in the company, valued at approximately $534,500.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Otis Worldwide news, insider Montlivault Stephane De sold 16,005 shares of the stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $84.26, for a total transaction of $1,348,581.30. Following the transaction, the insider now directly owns 21,161 shares in the company, valued at $1,783,025.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 11,514 shares of Otis Worldwide stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $83.83, for a total transaction of $965,218.62. Following the transaction, the executive vice president now directly owns 6,376 shares in the company, valued at $534,500.08. The disclosure for this sale can be found here. Insiders have sold 32,777 shares of company stock valued at $2,759,404 over the last three months. 0.11% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent research reports. Morgan Stanley raised their target price on Otis Worldwide from $84.00 to $89.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 2nd. Cowen lifted their price objective on Otis Worldwide from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Thursday, February 2nd. Barclays increased their target price on shares of Otis Worldwide from $80.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 2nd. Finally, Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.00.

Otis Worldwide Company Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.