Zions Bancorporation N.A. Has $492,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Zions Bancorporation N.A. lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the third quarter, HoldingsChannel reports. The firm owned 4,732 shares of the company’s stock after selling 128 shares during the quarter. Zions Bancorporation N.A.’s holdings in Otis Worldwide were worth $492,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock worth $232,662,000 after buying an additional 2,201,988 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares in the last quarter. Sarasin & Partners LLP lifted its stake in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. boosted its position in Otis Worldwide by 2,782.3% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after acquiring an additional 786,897 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday. They set a “neutral” rating and a $113.00 price target on the stock. Wells Fargo & Company decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Barclays dropped their target price on 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, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Trading Down 0.2 %

OTIS stock opened at $99.10 on Friday. Otis Worldwide Co. has a 1-year low of $83.21 and a 1-year high of $106.33. The business’s 50 day simple moving average is $100.41 and its 200 day simple moving average is $97.27. The firm has a market capitalization of $39.59 billion, a PE ratio of 24.71 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share 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 the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. Otis Worldwide’s revenue for the quarter was up .7% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. As a group, sell-side analysts predict 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 paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

Insiders Place Their Bets

In related news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

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.