Canandaigua National Bank & Trust Co. Sells 2,058 Shares of Otis Worldwide Co. (NYSE:OTIS)

Canandaigua National Bank & Trust Co. decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 7.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,780 shares of the company’s stock after selling 2,058 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Otis Worldwide were worth $2,680,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC lifted its stake in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. Jamison Private Wealth Management Inc. boosted 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 worth $28,000 after acquiring an additional 286 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Otis Worldwide in the 2nd quarter worth $29,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of Otis Worldwide in the first quarter valued at about $31,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 0.5 %

Shares of NYSE OTIS opened at $104.30 on Friday. The stock has a fifty day simple moving average of $95.08 and a two-hundred day simple moving average of $96.24. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $105.39. The firm has a market cap of $41.78 billion, a price-to-earnings ratio of 30.14 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 EPS. Analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is currently 45.09%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company reduced their target price 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. Morgan Stanley initiated coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Finally, Barclays upped their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $100.86.

About Otis Worldwide

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.