Yousif Capital Management LLC Sells 728 Shares of Otis Worldwide Corporation $OTIS

Yousif Capital Management LLC lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 1.2% during the 2nd quarter, Holdings Channel reports. The firm owned 60,013 shares of the company’s stock after selling 728 shares during the period. Yousif Capital Management LLC’s holdings in Otis Worldwide were worth $5,943,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. MGO One Seven LLC bought a new position in shares of Otis Worldwide in the 2nd quarter valued at about $285,000. Clarendon Private LLC raised its position in shares of Otis Worldwide by 26.6% in the 2nd quarter. Clarendon Private LLC now owns 6,143 shares of the company’s stock valued at $608,000 after acquiring an additional 1,291 shares during the period. CWM LLC raised its position in shares of Otis Worldwide by 47.9% in the 2nd quarter. CWM LLC now owns 24,369 shares of the company’s stock valued at $2,413,000 after acquiring an additional 7,893 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of Otis Worldwide by 2.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 45,528 shares of the company’s stock valued at $4,518,000 after acquiring an additional 902 shares during the period. Finally, Concurrent Investment Advisors LLC raised its position in shares of Otis Worldwide by 11.9% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,366 shares of the company’s stock valued at $729,000 after acquiring an additional 785 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

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. The stock has a market capitalization 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 Corporation has a 1 year low of $84.25 and a 1 year high of $106.83.

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

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, July 24th. Morgan Stanley raised their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, September 18th. 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 stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.88.

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.