Fifth Third Bancorp Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Apr 8th, 2023

Fifth Third Bancorp trimmed its position in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 54.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,683 shares of the company’s stock after selling 32,615 shares during the quarter. Fifth Third Bancorp’s holdings in Otis Worldwide were worth $2,168,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pinnacle Financial Partners Inc. increased its position in shares of Otis Worldwide by 256.4% in the third quarter. Pinnacle Financial Partners Inc. now owns 417 shares of the company’s stock worth $27,000 after purchasing an additional 300 shares during the last quarter. American National Bank increased its position in shares of Otis Worldwide by 1,022.6% in the fourth quarter. American National Bank now owns 348 shares of the company’s stock worth $27,000 after purchasing an additional 317 shares during the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $31,000. Old North State Trust LLC bought a new position in shares of Otis Worldwide in the third quarter worth approximately $33,000. Finally, Creative Capital Management Investments LLC bought a new position in Otis Worldwide during the fourth quarter valued at approximately $33,000. 83.95% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 1.1 %

Shares of OTIS stock opened at $78.49 on Friday. The stock has a fifty day moving average of $83.03 and a 200 day moving average of $77.61. Otis Worldwide Co. has a 52 week low of $62.49 and a 52 week high of $87.33. The firm has a market capitalization of $32.56 billion, a price-to-earnings ratio of 26.43 and a beta of 0.92.

Otis Worldwide (NYSE:OTIS – Get Rating) last announced its quarterly earnings results on Wednesday, February 1st. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.02. Otis Worldwide had a negative return on equity of 27.69% and a net margin of 9.16%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter last year, the firm posted $0.72 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide Co. will post 3.43 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 17th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Thursday, February 16th. Otis Worldwide’s payout ratio is 39.06%.

Insider Buying and Selling

In related news, insider Fernandez Bernardo Calleja sold 837 shares of Otis Worldwide stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total value of $70,868.79. Following the completion of the sale, the insider now directly owns 19,998 shares in the company, valued at approximately $1,693,230.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Fernandez Bernardo Calleja sold 837 shares of the business’s stock in a transaction that occurred on Tuesday, February 14th. The stock was sold at an average price of $84.67, for a total value of $70,868.79. Following the transaction, the insider now directly owns 19,998 shares of the company’s stock, valued at approximately $1,693,230.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Michael Patrick Ryan sold 3,018 shares of the business’s stock in a transaction that occurred on Monday, February 6th. The stock was sold at an average price of $84.46, for a total value of $254,900.28. The disclosure for this sale can be found here. Insiders sold 32,777 shares of company stock valued at $2,759,404 over the last quarter. 0.11% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Barclays reduced their price target on shares of Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating on the stock in a research report on Thursday. TheStreet upgraded shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $76.00 to $82.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Morgan Stanley increased their price target on shares of Otis Worldwide from $84.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, February 2nd. Finally, Cowen increased their price target on shares of Otis Worldwide from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, February 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $80.80.

Otis Worldwide Profile

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Otis Worldwide Corporation manufactures, installs, and services 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.