Otis Worldwide Corporation $OTIS Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 93.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 6,980 shares of the company’s stock after selling 103,266 shares during the period. Cullen Frost Bankers Inc.’s holdings in Otis Worldwide were worth $691,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Berkshire Money Management Inc. boosted its holdings in Otis Worldwide by 5.0% during the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after purchasing an additional 100 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in Otis Worldwide by 0.8% during the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares in the last quarter. PFG Investments LLC boosted its holdings in Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after purchasing an additional 121 shares in the last quarter. MSH Capital Advisors LLC boosted its holdings in Otis Worldwide by 5.4% during the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock valued at $234,000 after purchasing an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP boosted its holdings in Otis Worldwide by 6.0% during the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock valued at $228,000 after purchasing an additional 130 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $91.91 on Friday. The company has a 50 day moving average price of $89.37 and a 200 day moving average price of $93.16. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock has a market capitalization of $36.07 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 3.65 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the previous year, the company posted $1.06 EPS. Otis Worldwide’s revenue was down .2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on OTIS shares. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 price objective on the stock. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average price target of $104.63.

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.