First Citizens Bank & Trust Co. Lowers Stock Position in Otis Worldwide (NASDAQ:OTIS)

First Citizens Bank & Trust Co. reduced its stake in shares of Otis Worldwide (NASDAQ:OTIS) by 7.6% during the third quarter, Holdings Channel reports. The institutional investor owned 26,922 shares of the company’s stock after selling 2,221 shares during the period. First Citizens Bank & Trust Co.’s holdings in Otis Worldwide were worth $1,680,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Core Alternative Capital purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at about $25,000. Independence Bank of Kentucky purchased a new position in Otis Worldwide in the 2nd quarter worth approximately $26,000. Sowa Financial Group Inc. purchased a new position in Otis Worldwide in the 2nd quarter worth approximately $26,000. Truehand Inc purchased a new position in Otis Worldwide in the 2nd quarter worth approximately $27,000. Finally, Gradient Investments LLC purchased a new position in Otis Worldwide in the 2nd quarter worth approximately $27,000.

A number of research firms recently commented on OTIS. HSBC began coverage on Otis Worldwide in a report on Monday, June 29th. They issued a “reduce” rating and a $44.00 price target on the stock. Wolfe Research raised Otis Worldwide from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 24th. Zacks Investment Research raised Otis Worldwide from a “sell” rating to a “hold” rating and set a $71.00 price target on the stock in a report on Tuesday, August 4th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $75.00 to $79.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Finally, BidaskClub raised Otis Worldwide from a “sell” rating to a “hold” rating in a report on Friday, September 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $62.63.

Shares of OTIS opened at $65.03 on Friday. The stock has a market cap of $28.16 billion and a PE ratio of 33.87. Otis Worldwide has a 1 year low of $38.00 and a 1 year high of $66.00. The business’s 50 day moving average price is $62.47.

Otis Worldwide (NASDAQ:OTIS) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.12. The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $2.92 billion. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 20th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, November 19th. Otis Worldwide’s dividend payout ratio is currently 41.67%.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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

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