Wesbanco Bank Inc. Buys 1,262 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wesbanco Bank Inc. raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 34,675 shares of the company’s stock after acquiring an additional 1,262 shares during the period. Wesbanco Bank Inc.’s holdings in Otis Worldwide were worth $3,604,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of OTIS. Meeder Asset Management Inc. boosted its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its stake in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC raised its stake in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares in the last quarter. Hantz Financial Services Inc. bought a new position in Otis Worldwide during the second quarter valued at $29,000. Finally, Versant Capital Management Inc grew its stake in shares of Otis Worldwide by 125.0% in the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after buying an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lifted their target price on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company increased their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Down 0.8 %

Shares of Otis Worldwide stock opened at $104.48 on Wednesday. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $106.10. The company has a market capitalization of $42.24 billion, a PE ratio of 30.20 and a beta of 1.03. The stock’s fifty day moving average is $96.67 and its two-hundred day moving average is $96.46.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.92 EPS. As a group, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 45.09%.

Otis Worldwide Company Profile

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.