PNC Financial Services Group Inc. Has $33.92 Million Stock Position in Otis Worldwide Corporation $OTIS

PNC Financial Services Group Inc. lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 5.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 370,993 shares of the company’s stock after selling 22,326 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Otis Worldwide were worth $33,920,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Allied Investment Advisors LLC boosted its holdings in shares of Otis Worldwide by 6.0% in the 3rd quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after purchasing an additional 6,770 shares in the last quarter. Pinnacle Financial Partners Inc raised its holdings in shares of Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock worth $7,085,000 after buying an additional 12,721 shares in the last quarter. Atlantic Union Bankshares Corp lifted its position in shares of Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after buying an additional 18,881 shares during the last quarter. Natixis boosted its stake in Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after buying an additional 58,286 shares in the last quarter. Finally, Carnegie Investment Counsel boosted its stake in Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the company. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a research note on Friday, January 30th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. Finally, New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $101.44.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total value of $518,700.00. Following the transaction, the executive vice president owned 3,773 shares of the company’s stock, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 over the last 90 days. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $89.65 on Tuesday. The company has a 50 day simple moving average of $88.82 and a 200 day simple moving average of $88.97. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $106.83. The firm has a market cap of $34.85 billion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company’s revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 EPS. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 48.00%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.