Home Federal Bank of Tennessee Raises Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Home Federal Bank of Tennessee boosted its holdings in Otis Worldwide Co. (NYSE:OTISGet Rating) by 5.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,670 shares of the company’s stock after purchasing an additional 425 shares during the period. Home Federal Bank of Tennessee’s holdings in Otis Worldwide were worth $613,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Intelligent Financial Strategies bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $28,000. NuWave Investment Management LLC bought a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $26,000. LFA Lugano Financial Advisors SA bought a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $27,000. James Reed Financial Services Inc. acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $34,000. Finally, Standard Family Office LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $38,000. Institutional investors own 83.16% of the company’s stock.

Otis Worldwide Stock Down 0.5 %

Shares of Otis Worldwide stock traded down $0.35 during midday trading on Friday, hitting $65.10. The company’s stock had a trading volume of 60,114 shares, compared to its average volume of 1,893,888. The firm has a market capitalization of $27.36 billion, a P/E ratio of 22.49 and a beta of 0.91. Otis Worldwide Co. has a 1-year low of $65.36 and a 1-year high of $88.22. The stock has a 50-day simple moving average of $74.68 and a 200-day simple moving average of $74.07.

Otis Worldwide (NYSE:OTISGet Rating) last posted its earnings results on Wednesday, July 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.08. The company had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.56 billion. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The business’s revenue was down 5.8% compared to the same quarter last year. During the same period last year, the company earned $0.79 earnings per share. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.2 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.16 annualized dividend and a yield of 1.78%. Otis Worldwide’s dividend payout ratio is 39.86%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 13,576 shares of Otis Worldwide stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the sale, the executive vice president now directly owns 12,376 shares of the company’s stock, valued at $947,259.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Otis Worldwide news, CFO Rahul Ghai sold 2,618 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $78.55, for a total transaction of $205,643.90. Following the completion of the sale, the chief financial officer now owns 7,063 shares in the company, valued at approximately $554,798.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nora E. Lafreniere sold 13,576 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the sale, the executive vice president now owns 12,376 shares of the company’s stock, valued at approximately $947,259.04. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. BNP Paribas cut Otis Worldwide from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $95.00 to $80.00 in a research report on Tuesday, July 5th. Credit Suisse Group raised their target price on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, July 28th. Berenberg Bank lowered their target price on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $100.00 to $62.00 in a research report on Thursday, July 7th. Finally, Barclays lowered their price target on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $77.40.

Otis Worldwide Company Profile

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

See Also

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

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