Fulton Bank N.A. Sells 439 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fulton Bank N.A. decreased its position in Otis Worldwide Co. (NYSE:OTISGet Rating) by 7.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,168 shares of the company’s stock after selling 439 shares during the quarter. Fulton Bank N.A.’s holdings in Otis Worldwide were worth $365,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 6.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 256,860 shares of the company’s stock worth $19,765,000 after buying an additional 15,599 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Otis Worldwide by 5.3% in the 1st quarter. Signaturefd LLC now owns 4,064 shares of the company’s stock worth $313,000 after buying an additional 204 shares during the last quarter. Calamos Advisors LLC boosted its holdings in shares of Otis Worldwide by 15.4% in the 1st quarter. Calamos Advisors LLC now owns 93,755 shares of the company’s stock worth $7,214,000 after buying an additional 12,497 shares during the last quarter. Cartenna Capital LP purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $10,884,000. Finally, Nuveen Asset Management LLC lifted its holdings in Otis Worldwide by 1.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,818,967 shares of the company’s stock valued at $158,377,000 after purchasing an additional 18,497 shares during the last quarter. Institutional investors own 83.16% of the company’s stock.

Insider Buying and Selling

In related news, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the transaction, the executive vice president now directly owns 12,376 shares in the company, valued at $947,259.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $76.54, for a total value of $1,039,107.04. Following the transaction, the executive vice president now directly owns 12,376 shares in the company, valued at $947,259.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Rahul Ghai sold 2,618 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the transaction, the chief financial officer now owns 7,063 shares in the company, valued at $554,798.65. The disclosure for this sale can be found here. 0.11% of the stock is owned by company insiders.

Otis Worldwide Trading Down 1.6 %

Shares of Otis Worldwide stock opened at $67.80 on Friday. Otis Worldwide Co. has a 12-month low of $66.97 and a 12-month high of $88.22. The company has a market cap of $28.49 billion, a price-to-earnings ratio of 23.30 and a beta of 0.91. The company’s 50-day moving average price is $74.81 and its 200-day moving average price is $74.33.

Otis Worldwide (NYSE:OTISGet Rating) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.08. The company had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Otis Worldwide had a net margin of 8.83% and a negative return on equity of 32.91%. Otis Worldwide’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.79 earnings per share. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.2 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Thursday, August 18th. Otis Worldwide’s dividend payout ratio (DPR) is 39.86%.

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Exane BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Credit Suisse Group upped their price objective on shares of Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, July 28th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $100.00 to $62.00 in a report on Thursday, July 7th. Berenberg Bank dropped their price objective on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, June 22nd. Finally, BNP Paribas downgraded shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $80.00 in a report on Tuesday, July 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $77.40.

About Otis Worldwide

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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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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