Pinnacle Financial Partners Inc Increases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Pinnacle Financial Partners Inc boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1,314.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,714 shares of the company's stock after buying an additional 60,140 shares during the period. Pinnacle Financial Partners Inc's holdings in Otis Worldwide were worth $6,726,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter worth about $25,000. Meeder Asset Management Inc. grew its holdings in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the third quarter worth approximately $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide in the third quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on OTIS. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Tuesday, October 8th. UBS Group assumed coverage on Otis Worldwide in a research report on Wednesday. They issued a "neutral" rating and a $113.00 target price 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. Barclays cut their price target on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average target price of $104.57.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Down 0.7 %

OTIS traded down $0.67 during trading on Thursday, hitting $99.72. The company's stock had a trading volume of 1,980,209 shares, compared to its average volume of 2,115,934. Otis Worldwide Co. has a twelve month low of $83.21 and a twelve month high of $106.33. The business's fifty day simple moving average is $100.11 and its 200 day simple moving average is $97.21. The firm has a market capitalization of $39.83 billion, a price-to-earnings ratio of 24.87 and a beta of 1.04.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 presently 38.90%.

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.