Members Trust Co Decreases Stock Position in Otis Worldwide Corporation $OTIS

Members Trust Co lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 18.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,179 shares of the company’s stock after selling 477 shares during the quarter. Members Trust Co’s holdings in Otis Worldwide were worth $216,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cookson Peirce & Co. Inc. purchased a new position in Otis Worldwide in the 2nd quarter worth approximately $644,000. Brookstone Capital Management boosted its holdings in Otis Worldwide by 1.5% in the 2nd quarter. Brookstone Capital Management now owns 40,879 shares of the company’s stock worth $4,048,000 after acquiring an additional 609 shares during the period. D.A. Davidson & CO. boosted its stake in shares of Otis Worldwide by 1.7% during the 2nd quarter. D.A. Davidson & CO. now owns 55,733 shares of the company’s stock valued at $5,519,000 after buying an additional 920 shares during the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $306,000. Finally, Lafayette Investments Inc. boosted its stake in shares of Otis Worldwide by 3.2% during the 2nd quarter. Lafayette Investments Inc. now owns 13,290 shares of the company’s stock valued at $1,316,000 after buying an additional 408 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.3%

OTIS stock opened at $92.69 on Wednesday. The firm has a market cap of $36.38 billion, a P/E ratio of 24.52, a P/E/G ratio of 3.59 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock’s 50 day simple moving average is $89.13 and its 200 day simple moving average is $93.16.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business’s revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.06 EPS. On average, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s dividend payout ratio is currently 44.44%.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They set a “hold” rating and a $109.00 target price for the company. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $104.63.

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.