Field & Main Bank Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Field & Main Bank reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 6.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 8,568 shares of the company’s stock after selling 552 shares during the period. Field & Main Bank’s holdings in Otis Worldwide were worth $705,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of OTIS. FMR LLC lifted its position in shares of Otis Worldwide by 43.6% in the second quarter. FMR LLC now owns 11,981,167 shares of the company’s stock worth $979,701,000 after buying an additional 3,640,221 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Otis Worldwide by 244.9% in the second quarter. Goldman Sachs Group Inc. now owns 3,099,492 shares of the company’s stock worth $253,446,000 after buying an additional 2,200,922 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Otis Worldwide by 54.4% in the second quarter. Deutsche Bank AG now owns 3,214,377 shares of the company’s stock worth $262,840,000 after buying an additional 1,132,425 shares in the last quarter. Invesco Ltd. lifted its position in shares of Otis Worldwide by 21.7% in the second quarter. Invesco Ltd. now owns 6,142,568 shares of the company’s stock worth $502,277,000 after buying an additional 1,093,261 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its position in Otis Worldwide by 95.7% during the second quarter. Artisan Partners Limited Partnership now owns 2,185,727 shares of the company’s stock valued at $178,727,000 after purchasing an additional 1,068,693 shares during the period. Institutional investors own 82.41% of the company’s stock.

A number of equities research analysts have issued reports on OTIS shares. Barclays decreased their price objective on Otis Worldwide from $89.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 26th. Wells Fargo & Company started coverage on Otis Worldwide in a research report on Thursday, October 7th. They set an “underweight” rating and a $72.00 price objective on the stock. Credit Suisse Group upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 26th. Finally, Vertical Research started coverage on Otis Worldwide in a research report on Friday, October 8th. They set a “sell” rating and a $72.00 price objective on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $82.49.

Shares of OTIS traded up $0.65 during mid-day trading on Thursday, reaching $84.46. 1,024,740 shares of the company’s stock traded hands, compared to its average volume of 2,445,665. The stock has a market cap of $35.88 billion, a P/E ratio of 29.95 and a beta of 0.92. The stock’s 50-day moving average is $83.35 and its two-hundred day moving average is $84.35. Otis Worldwide Co. has a 12 month low of $61.28 and a 12 month high of $92.84.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Sunday, October 24th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. The firm had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Otis Worldwide had a negative return on equity of 38.50% and a net margin of 8.55%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, equities research analysts forecast that Otis Worldwide Co. will post 2.97 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Friday, November 19th will be paid a $0.24 dividend. The ex-dividend date is Thursday, November 18th. This represents a $0.96 annualized dividend and a yield of 1.14%. Otis Worldwide’s dividend payout ratio (DPR) is currently 34.04%.

Otis Worldwide Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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