Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. grew its stake in Otis Worldwide Co. (NYSE:OTIS) by 0.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,915 shares of the company’s stock after purchasing an additional 156 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Otis Worldwide were worth $2,771,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Otis Worldwide by 54.5% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after acquiring an additional 2,390 shares during the period. Stevens Capital Management LP grew its holdings in Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after purchasing an additional 4,435 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Otis Worldwide by 13,638.0% in the fourth quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares during the last quarter. Johnson Investment Counsel Inc. grew its holdings in Otis Worldwide by 1.9% in the fourth quarter. Johnson Investment Counsel Inc. now owns 9,329 shares of the company’s stock valued at $835,000 after purchasing an additional 175 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock valued at $10,378,000 after purchasing an additional 74,030 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Down 1.2 %

Shares of NYSE:OTIS traded down $1.14 on Tuesday, reaching $96.33. The company had a trading volume of 1,574,631 shares, compared to its average volume of 2,030,871. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The stock has a 50-day moving average price of $96.24 and a 200 day moving average price of $93.41. The stock has a market capitalization of $38.95 billion, a P/E ratio of 28.17 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. On average, sell-side analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were issued a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.62%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OTIS. Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Wells Fargo & Company lowered their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Argus raised their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Finally, Barclays increased their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $97.71.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.