Sovereign Financial Group Inc. Has $417,000 Stock Holdings in Otis Worldwide Corporation $OTIS

Sovereign Financial Group Inc. lessened its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 6.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,208 shares of the company’s stock after selling 297 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Otis Worldwide were worth $417,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the first quarter valued at $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the first quarter valued at $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide during the first quarter valued at $31,000. Flaharty Asset Management LLC acquired a new position in shares of Otis Worldwide during the first quarter valued at $38,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Otis Worldwide during the second quarter valued at $45,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Morgan Stanley upped their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Zacks Research downgraded Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, September 18th. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $89.46 on Monday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The business has a 50-day moving average of $88.52 and a two-hundred day moving average of $93.63. The company has a market capitalization of $35.11 billion, a P/E ratio of 23.67, a price-to-earnings-growth ratio of 3.51 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The company’s revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio is 44.44%.

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.