Moody National Bank Trust Division Sells 1,029 Shares of Otis Worldwide Co. (NYSE:OTIS)

Moody National Bank Trust Division lowered its stake in Otis Worldwide Co. (NYSE:OTISGet Rating) by 9.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,760 shares of the company’s stock after selling 1,029 shares during the quarter. Moody National Bank Trust Division’s holdings in Otis Worldwide were worth $690,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Otis Worldwide in the 4th quarter worth approximately $335,180,000. Viking Global Investors LP bought a new position in Otis Worldwide in the first quarter worth approximately $272,262,000. Wellington Management Group LLP boosted its stake in shares of Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after acquiring an additional 1,484,963 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Otis Worldwide by 66.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after acquiring an additional 1,384,353 shares during the last quarter. Finally, Lazard Freres Gestion S.A.S. purchased a new position in shares of Otis Worldwide during the 1st quarter worth $99,844,000. Institutional investors own 83.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OTIS shares. BNP Paribas cut shares of Otis Worldwide from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $80.00 in a research note on Tuesday, July 5th. Berenberg Bank dropped their price target on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. Credit Suisse Group lifted their price target on shares of Otis Worldwide from $79.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, July 28th. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a research note on Thursday, July 28th. Finally, JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $100.00 to $62.00 in a research note on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $77.40.

Insiders Place Their Bets

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

Otis Worldwide Stock Down 1.6 %

Shares of OTIS stock opened at $67.80 on Friday. The stock has a market cap of $28.49 billion, a P/E ratio of 23.30 and a beta of 0.91. Otis Worldwide Co. has a 52 week low of $66.97 and a 52 week high of $88.22. The company’s fifty day simple moving average is $74.81 and its two-hundred day simple moving average is $74.33.

Otis Worldwide (NYSE:OTISGet Rating) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.78 by $0.08. The business 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%. The business’s quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.79 EPS. On average, analysts anticipate that Otis Worldwide Co. will post 3.2 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide Profile

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTISGet Rating).

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

Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.