Cullen Frost Bankers Inc. Sells 1,284 Shares of Otis Worldwide Co. (NYSE:OTIS)

Cullen Frost Bankers Inc. trimmed its holdings in Otis Worldwide Co. (NYSE:OTIS) by 1.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 111,359 shares of the company’s stock after selling 1,284 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Otis Worldwide were worth $9,963,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Cetera Trust Company N.A bought a new position in shares of Otis Worldwide in the fourth quarter worth about $27,000. Turtle Creek Wealth Advisors LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $28,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the 3rd quarter worth $30,000. NBC Securities Inc. bought a new position in Otis Worldwide in the 3rd quarter valued at $33,000. Finally, CNB Bank boosted its position in Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after buying an additional 192 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Finally, Barclays upped their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $96.86.

Insider Buying and Selling at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded up $0.64 during midday trading on Wednesday, reaching $94.53. 1,664,889 shares of the stock were exchanged, compared to its average volume of 2,011,730. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The company has a market capitalization of $38.22 billion, a price-to-earnings ratio of 27.32 and a beta of 1.03. The business has a 50-day simple moving average of $96.43 and a two-hundred day simple moving average of $90.11.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. Equities research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is presently 39.31%.

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.