Welch & Forbes LLC Sells 6,631 Shares of Otis Worldwide Corporation $OTIS

Welch & Forbes LLC reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 2.5% during the second quarter, HoldingsChannel reports. The firm owned 257,312 shares of the company’s stock after selling 6,631 shares during the period. Welch & Forbes LLC’s holdings in Otis Worldwide were worth $25,479,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Berkshire Money Management Inc. boosted its stake in shares of Otis Worldwide by 5.0% in the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after purchasing an additional 100 shares during the last quarter. Park Avenue Securities LLC boosted its stake in Otis Worldwide by 0.8% during the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock worth $1,374,000 after acquiring an additional 104 shares in the last quarter. PFG Investments LLC boosted its stake in Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after acquiring an additional 121 shares in the last quarter. MSH Capital Advisors LLC boosted its stake in Otis Worldwide by 5.4% during the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock worth $234,000 after acquiring an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP boosted its stake in Otis Worldwide by 6.0% during the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock worth $228,000 after acquiring an additional 130 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 0.3%

OTIS opened at $92.80 on Friday. The company’s fifty day moving average price is $89.78 and its two-hundred day moving average price is $93.03. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company has a market cap of $36.42 billion, a price-to-earnings ratio of 27.37, a PEG ratio of 3.61 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is 49.56%.

Analyst Ratings Changes

Several brokerages recently issued reports on OTIS. Barclays increased their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $104.88.

About Otis Worldwide

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.