Stock Yards Bank & Trust Co. Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Stock Yards Bank & Trust Co. lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 12.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,638 shares of the company’s stock after selling 378 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Otis Worldwide were worth $254,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OTIS. Meeder Asset Management Inc. grew its holdings in 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 during the last quarter. Jamison Private Wealth Management Inc. grew its stake in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. Hantz Financial Services Inc. purchased a new position in Otis Worldwide during the 2nd quarter valued at about $29,000. LifeSteps Financial Inc. acquired a new position in Otis Worldwide during the first quarter worth about $31,000. Finally, Accent Capital Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $36,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research reports. Morgan Stanley began coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company cut their price target 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. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.57.

Otis Worldwide Stock Down 2.2 %

OTIS stock opened at $93.99 on Thursday. The stock has a market capitalization of $38.00 billion, a price-to-earnings ratio of 27.16 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The stock’s fifty day simple moving average is $94.38 and its 200-day simple moving average is $95.92.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company earned $0.92 EPS. As a group, analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders 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 yield of 1.66%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.