Community Bank N.A. Buys New Holdings in Otis Worldwide (NASDAQ:OTIS)

Community Bank N.A. purchased a new position in shares of Otis Worldwide (NASDAQ:OTIS) in the second quarter, Holdings Channel reports. The fund purchased 8,367 shares of the company’s stock, valued at approximately $476,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Core Alternative Capital purchased a new stake in shares of Otis Worldwide in the 2nd quarter valued at $25,000. Independence Bank of Kentucky purchased a new stake in Otis Worldwide in the second quarter valued at $26,000. Sowa Financial Group Inc. acquired a new stake in Otis Worldwide during the 2nd quarter worth about $26,000. Truehand Inc purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at about $27,000. Finally, Gradient Investments LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at about $27,000.

Several research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. William Blair started coverage on shares of Otis Worldwide in a report on Friday, May 8th. They set a “market perform” rating for the company. Cowen reissued a “buy” rating and set a $64.00 price target on shares of Otis Worldwide in a report on Monday, June 15th. Credit Suisse Group lifted their price objective on shares of Otis Worldwide from $55.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Argus initiated coverage on shares of Otis Worldwide in a research note on Thursday, June 18th. They set a “buy” rating and a $72.00 target price on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $58.63.

In related news, insider Montlivault Stephane De sold 10,454 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $51.81, for a total transaction of $541,621.74. Following the completion of the sale, the insider now directly owns 1,403 shares in the company, valued at $72,689.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

OTIS traded down $0.65 during midday trading on Friday, hitting $62.74. 3,156,178 shares of the company traded hands, compared to its average volume of 4,532,898. The stock’s 50 day moving average price is $57.45. Otis Worldwide has a 52-week low of $38.00 and a 52-week high of $64.52. The stock has a market cap of $27.17 billion and a P/E ratio of 32.68.

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

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 21st will be given a $0.20 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.80 annualized dividend and a dividend yield of 1.28%. Otis Worldwide’s dividend payout ratio (DPR) is presently 41.67%.

Otis Worldwide Profile

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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