Cullen Frost Bankers Inc. Sells 103,266 Shares of Otis Worldwide Corporation $OTIS

Cullen Frost Bankers Inc. decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 93.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,980 shares of the company’s stock after selling 103,266 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Otis Worldwide were worth $691,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $31,000. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $38,000. Toth Financial Advisory Corp bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at $45,000. Finally, Ransom Advisory Ltd bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $48,000. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a “hold” rating and a $109.00 target price for the company. Wells Fargo & Company upped their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Barclays decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, July 24th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Stock Down 1.1%

Shares of OTIS stock opened at $91.91 on Friday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm has a market capitalization of $36.07 billion, a price-to-earnings ratio of 24.31, a price-to-earnings-growth ratio of 3.65 and a beta of 1.00. The firm has a fifty day moving average of $89.37 and a 200-day moving average of $93.16.

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

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.