M&T Bank Corp Acquires 18,536 Shares of Otis Worldwide Co. (NYSE:OTIS)

M&T Bank Corp grew its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 11.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 183,984 shares of the company's stock after buying an additional 18,536 shares during the quarter. M&T Bank Corp's holdings in Otis Worldwide were worth $19,123,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of OTIS. Riverview Trust Co bought a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after buying an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC lifted its position in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after buying an additional 250 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $28,000. Finally, Hantz Financial Services Inc. purchased a new stake in shares of Otis Worldwide during the 2nd quarter worth approximately $29,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target for the company. Royal Bank of Canada restated an "outperform" rating and set a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Barclays lowered shares of Otis Worldwide from an "equal weight" rating to an "underweight" rating and set a $94.00 price target for the company. in a research note on Thursday, December 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $104.57.

Insiders Place Their Bets

In other news, EVP Abbe Luersman sold 9,000 shares of the company's stock in a transaction that occurred 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 owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company's stock.

Otis Worldwide Trading Down 1.1 %

Shares of OTIS stock traded down $1.10 during mid-day trading on Wednesday, reaching $98.96. The stock had a trading volume of 1,587,183 shares, compared to its average volume of 2,084,170. The stock's 50-day moving average price is $101.77 and its two-hundred day moving average price is $97.97. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33. The firm has a market capitalization of $39.53 billion, a PE ratio of 24.95 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly 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). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The company had revenue of $3.55 billion for the quarter, compared to analysts' expectations of $3.59 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. Otis Worldwide's quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Friday, November 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

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.