Community Bank N.A. Buys Shares of 8,367 Otis Worldwide (NASDAQ:OTIS)

Community Bank N.A. purchased a new position in Otis Worldwide (NASDAQ:OTIS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 8,367 shares of the company’s stock, valued at approximately $476,000.

Several other institutional investors have also modified their holdings of the company. Core Alternative Capital bought a new position in Otis Worldwide in the 2nd quarter worth $25,000. Independence Bank of Kentucky bought a new position in shares of Otis Worldwide in the second quarter worth about $26,000. Sowa Financial Group Inc. purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at about $26,000. Truehand Inc purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at about $27,000. Finally, Gradient Investments LLC bought a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $27,000.

Several equities analysts have weighed in on the stock. Vertical Research started coverage on shares of Otis Worldwide in a report on Monday, April 6th. They set a “buy” rating and a $53.00 price target on the stock. Cowen reaffirmed a “buy” rating and issued a $64.00 target price on shares of Otis Worldwide in a report on Monday, June 15th. Atlantic Securities started coverage on Otis Worldwide in a report on Tuesday, April 14th. They set an “overweight” rating on the stock. Argus assumed coverage on Otis Worldwide in a research note on Thursday, June 18th. They issued a “buy” rating and a $72.00 price objective for the company. Finally, HSBC initiated coverage on Otis Worldwide in a research report on Monday, June 29th. They set a “reduce” rating and a $44.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $58.63.

In related news, insider Montlivault Stephane De sold 10,454 shares of Otis Worldwide stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $51.81, for a total value of $541,621.74. Following the completion of the transaction, the insider now owns 1,403 shares in the company, valued at $72,689.43. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

NASDAQ OTIS traded down $0.65 during trading on Friday, hitting $62.74. 3,156,178 shares of the stock traded hands, compared to its average volume of 4,532,898. Otis Worldwide has a 12-month low of $38.00 and a 12-month high of $64.52. The company has a 50-day moving average of $57.45. The firm has a market capitalization of $27.17 billion and a P/E ratio of 32.68.

Otis Worldwide (NASDAQ:OTIS) last posted its earnings results on Tuesday, July 28th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.12. The business had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Otis Worldwide’s revenue was down 9.6% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.28%. Otis Worldwide’s dividend payout ratio (DPR) is presently 41.67%.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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