Johnson Investment Counsel Inc. Sells 448 Shares of Otis Worldwide Corporation $OTIS

Johnson Investment Counsel Inc. decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 4.9% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,647 shares of the company’s stock after selling 448 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Otis Worldwide were worth $856,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Berkshire Money Management Inc. lifted its stake in Otis Worldwide by 5.0% in the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after purchasing an additional 100 shares in the last quarter. Park Avenue Securities LLC grew its holdings in Otis Worldwide by 0.8% during the 2nd 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 during the last quarter. PFG Investments LLC grew its holdings in Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after purchasing an additional 121 shares during the last quarter. MSH Capital Advisors LLC grew its holdings in Otis Worldwide by 5.4% during the 2nd 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 during the last quarter. Finally, Bennett Selby Investments LP grew its holdings in Otis Worldwide by 6.0% during the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on OTIS. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, September 18th. Finally, Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide Stock Up 1.9%

Shares of NYSE OTIS opened at $90.89 on Wednesday. The company’s 50-day simple moving average is $88.69 and its 200-day simple moving average is $93.53. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a market cap of $35.67 billion, a price-to-earnings ratio of 24.04, a price-to-earnings-growth ratio of 3.50 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter last year, the business 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. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s dividend payout ratio is currently 44.44%.

Otis Worldwide 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.