Pinnacle Financial Partners Inc. Invests $41,000 in Otis Worldwide (NASDAQ:OTIS)

Pinnacle Financial Partners Inc. acquired a new position in shares of Otis Worldwide (NASDAQ:OTIS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 725 shares of the company’s stock, valued at approximately $41,000.

Several other hedge funds have also recently bought and sold shares of OTIS. Core Alternative Capital acquired a new position in Otis Worldwide during the second quarter valued at approximately $25,000. Independence Bank of Kentucky acquired a new position in Otis Worldwide during the second quarter valued at approximately $26,000. Sowa Financial Group Inc. acquired a new position in Otis Worldwide during the second quarter valued at approximately $26,000. Truehand Inc acquired a new position in Otis Worldwide during the second quarter valued at approximately $27,000. Finally, Gradient Investments LLC acquired a new position in Otis Worldwide during the second quarter valued at approximately $27,000.

In other Otis Worldwide news, insider Montlivault Stephane De sold 10,454 shares of the firm’s stock in a transaction 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 transaction, the insider now owns 1,403 shares in the company, valued at approximately $72,689.43. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Shares of NASDAQ OTIS opened at $62.75 on Friday. The company has a market capitalization of $27.17 billion and a price-to-earnings ratio of 32.68. Otis Worldwide has a 1-year low of $38.00 and a 1-year high of $64.52. The business’s 50 day moving average price is $57.45.

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

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 paid a dividend of $0.20 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.27%. Otis Worldwide’s dividend payout ratio (DPR) is currently 41.67%.

Several research analysts recently commented on the company. Wolfe Research assumed coverage on Otis Worldwide in a research report on Friday, April 3rd. They set a “market perform” rating for the company. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Credit Suisse Group raised their price objective on Otis Worldwide from $55.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday. Zacks Investment Research cut Otis Worldwide from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, William Blair assumed coverage on Otis Worldwide in a research report on Friday, May 8th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $58.63.

About Otis Worldwide

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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