PNC Financial Services Group Inc. Sells 22,326 Shares of Otis Worldwide Corporation $OTIS

PNC Financial Services Group Inc. decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 370,993 shares of the company’s stock after selling 22,326 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.10% of Otis Worldwide worth $33,920,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in OTIS. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $26,000. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide in the second quarter valued at about $31,000. Nemes Rush Group LLC raised its holdings in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in Otis Worldwide during the third quarter worth about $31,000. Finally, Westside Investment Management Inc. boosted its position in Otis Worldwide by 100.0% during the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 2.3%

OTIS opened at $89.65 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The stock’s fifty day simple moving average is $88.82 and its 200 day simple moving average is $88.97. The stock 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 released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the business posted $0.93 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors 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 dividend yield of 1.9%. Otis Worldwide’s payout ratio is presently 48.00%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 158,013 shares of company stock worth $14,337,635 in the last quarter. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on OTIS. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Tuesday, December 9th. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $101.44.

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.