Atlantic Union Bankshares Corp Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

Atlantic Union Bankshares Corp grew its position in Otis Worldwide Co. (NYSE:OTIS) by 6.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 38,688 shares of the company’s stock after purchasing an additional 2,316 shares during the period. Atlantic Union Bankshares Corp’s holdings in Otis Worldwide were worth $4,021,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its position in shares of Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. increased its position in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP raised its holdings in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares during the last quarter. Legal & General Group Plc lifted its position in shares of Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after acquiring an additional 15,021 shares in the last quarter. Finally, FMR LLC boosted its stake in shares of Otis Worldwide by 2.9% during the third quarter. FMR LLC now owns 3,536,108 shares of the company’s stock valued at $367,543,000 after acquiring an additional 101,278 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several analyst reports. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price for the company. Wells Fargo & Company cut their price objective 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 decreased their target price on shares of 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. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company 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 Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were 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 approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Up 0.5 %

Shares of OTIS opened at $102.52 on Friday. The firm has a market cap of $40.95 billion, a PE ratio of 25.57 and a beta of 1.04. The company’s fifty day moving average is $101.63 and its two-hundred day moving average is $97.73. Otis Worldwide Co. has a fifty-two week low of $83.99 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share 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 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 quarter in the previous year, the business posted $0.95 EPS. As a group, equities research analysts anticipate that Otis Worldwide Co. will post 3.85 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared 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 yield of 1.52%. Otis Worldwide’s payout ratio is 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.