OLD National Bancorp IN Buys 436 Shares of Otis Worldwide Co. (NYSE:OTIS)

OLD National Bancorp IN boosted its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 13.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,610 shares of the company’s stock after acquiring an additional 436 shares during the quarter. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Manning & Napier Advisors LLC bought a new stake in Otis Worldwide in the second quarter valued at approximately $233,000. BDF Gestion purchased a new position in shares of Otis Worldwide in the second quarter worth $2,914,000. Jamison Private Wealth Management Inc. raised its holdings in Otis Worldwide by 5,720.0% during the 2nd 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. Wesbanco Bank Inc. raised its holdings in Otis Worldwide by 1.4% during the 2nd quarter. Wesbanco Bank Inc. now owns 33,413 shares of the company’s stock valued at $3,216,000 after buying an additional 467 shares during the last quarter. Finally, Guinness Asset Management LTD boosted its position in Otis Worldwide by 0.4% during the 2nd quarter. Guinness Asset Management LTD now owns 1,769,761 shares of the company’s stock valued at $170,340,000 after buying an additional 6,362 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on OTIS. Argus boosted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Finally, Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $98.83.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.77 during midday trading on Friday, hitting $93.40. 1,554,265 shares of the company traded hands, compared to its average volume of 2,125,760. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The firm has a market cap of $37.76 billion, a P/E ratio of 26.99 and a beta of 1.03. The stock has a 50-day moving average price of $96.46 and a 200 day moving average price of $95.49.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the previous year, the firm posted $0.92 EPS. The business’s revenue was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.67%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

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.