M&T Bank Corp Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

M&T Bank Corp increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.7% in the fourth quarter, HoldingsChannel reports. The firm owned 187,161 shares of the company’s stock after buying an additional 3,177 shares during the period. M&T Bank Corp’s holdings in Otis Worldwide were worth $17,333,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Intact Investment Management Inc. acquired a new position in Otis Worldwide during the 3rd quarter valued at about $72,000. QRG Capital Management Inc. increased its position in Otis Worldwide by 7.8% during the 3rd quarter. QRG Capital Management Inc. now owns 40,938 shares of the company’s stock valued at $4,255,000 after buying an additional 2,958 shares in the last quarter. Crestwood Advisors Group LLC increased its position in Otis Worldwide by 11.2% during the 3rd quarter. Crestwood Advisors Group LLC now owns 2,701 shares of the company’s stock valued at $281,000 after buying an additional 273 shares in the last quarter. Radnor Capital Management LLC increased its position in Otis Worldwide by 4.9% during the 3rd quarter. Radnor Capital Management LLC now owns 4,776 shares of the company’s stock valued at $496,000 after buying an additional 224 shares in the last quarter. Finally, Maia Wealth LLC acquired a new position in Otis Worldwide during the 3rd quarter valued at about $47,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays reduced their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a report on Thursday, December 12th. Finally, UBS Group initiated coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $102.88.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,621 shares of company stock valued at $10,046,255 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 1.9 %

Otis Worldwide stock opened at $101.47 on Thursday. The firm has a market cap of $40.23 billion, a price-to-earnings ratio of 24.99 and a beta of 1.05. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.33. The business’s 50-day moving average price is $95.50 and its 200 day moving average price is $97.67.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Equities analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide declared that its Board of Directors has initiated a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Otis Worldwide 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.