AMG National Trust Bank Sells 6,679 Shares of Otis Worldwide Co. (NYSE:OTIS)

AMG National Trust Bank lowered its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 22.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,732 shares of the company's stock after selling 6,679 shares during the period. AMG National Trust Bank's holdings in Otis Worldwide were worth $2,467,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. PineStone Asset Management Inc. increased its position 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 increased 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 lifted its stake in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company's stock valued at $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its holdings in shares of Otis Worldwide by 27.2% during 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. grew 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.

Insider Activity

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now directly owns 9,992 shares of the company's stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OTIS. Royal Bank of Canada reiterated an "outperform" rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. UBS Group began coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Wolfe Research lowered Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. Finally, Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $104.57.

Otis Worldwide Price Performance

NYSE OTIS traded down $0.48 during trading hours on Tuesday, reaching $100.29. 1,108,954 shares of the stock traded hands, compared to its average volume of 2,108,525. The stock has a 50 day simple moving average of $100.59 and a two-hundred day simple moving average of $97.42. Otis Worldwide Co. has a 1 year low of $83.66 and a 1 year high of $106.33. The company has a market cap of $40.06 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to analysts' expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm's quarterly revenue was up .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued 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 1.56%. Otis Worldwide's dividend payout ratio is currently 38.90%.

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.