IFP Advisors Inc Sells 8,812 Shares of Otis Worldwide Corporation $OTIS

IFP Advisors Inc trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 79.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,246 shares of the company’s stock after selling 8,812 shares during the quarter. IFP Advisors Inc’s holdings in Otis Worldwide were worth $222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of OTIS. GAMMA Investing LLC lifted its holdings in shares of Otis Worldwide by 18.8% during the 1st quarter. GAMMA Investing LLC now owns 7,953 shares of the company’s stock valued at $821,000 after buying an additional 1,260 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Otis Worldwide by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,644 shares of the company’s stock worth $3,266,000 after purchasing an additional 1,303 shares during the period. Dynamic Advisor Solutions LLC raised its holdings in Otis Worldwide by 16.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 2,697 shares of the company’s stock worth $278,000 after purchasing an additional 372 shares during the period. Exchange Traded Concepts LLC raised its holdings in Otis Worldwide by 16.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company’s stock worth $113,000 after purchasing an additional 158 shares during the period. Finally, Sowell Financial Services LLC bought a new position in Otis Worldwide in the 1st quarter worth $291,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.8%

Shares of Otis Worldwide stock opened at $91.39 on Friday. The firm has a market cap of $35.87 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 3.56 and a beta of 1.00. The business has a 50-day moving average price of $88.92 and a 200-day moving average price of $93.34. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent research reports. Morgan Stanley raised their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 target price on the stock. Wells Fargo & Company raised their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Finally, Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $104.63.

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.