PNC Financial Services Group Inc. Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

PNC Financial Services Group Inc. trimmed its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 439,894 shares of the company's stock after selling 9,831 shares during the period. PNC Financial Services Group Inc. owned about 0.11% of Otis Worldwide worth $45,723,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in Otis Worldwide during the 3rd quarter valued at $25,000. Meeder Asset Management Inc. boosted its stake in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. grew its holdings in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after buying an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock valued at $28,000 after acquiring an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in Otis Worldwide in the 3rd quarter worth $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on OTIS. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Barclays lowered their price objective on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $104.57.

Otis Worldwide Stock Down 0.6 %

Shares of NYSE OTIS opened at $99.67 on Thursday. Otis Worldwide Co. has a 52-week low of $83.99 and a 52-week high of $106.33. The company's 50-day simple moving average is $100.90 and its 200-day simple moving average is $97.49. The firm has a market cap of $39.81 billion, a price-to-earnings ratio of 24.86 and a beta of 1.04.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date is Friday, November 15th. Otis Worldwide's payout ratio is 38.90%.

Insider Activity

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 stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company's stock.

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.