KBC Group NV Trims Position in Otis Worldwide Corporation $OTIS

KBC Group NV decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 280,587 shares of the company’s stock after selling 5,041 shares during the quarter. KBC Group NV owned about 0.07% of Otis Worldwide worth $27,783,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of OTIS. Chilton Capital Management LLC purchased a new stake in shares of Otis Worldwide during the 2nd quarter valued at $31,000. Cheviot Value Management LLC acquired a new position in Otis Worldwide during the 1st quarter worth approximately $31,000. Flaharty Asset Management LLC purchased a new position in shares of Otis Worldwide in the first quarter valued at $38,000. Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide during the second quarter valued at about $45,000. Finally, Ransom Advisory Ltd purchased a new stake in Otis Worldwide during the 1st quarter worth approximately $48,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research reports. Royal Bank Of Canada decreased 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. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Finally, Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $103.71.

Otis Worldwide Trading Down 0.4%

Shares of NYSE:OTIS opened at $90.61 on Friday. The firm’s 50 day moving average is $90.52 and its two-hundred day moving average is $92.71. The firm has a market capitalization of $35.31 billion, a P/E ratio of 26.73, a PEG ratio of 3.47 and a beta of 1.00. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period in the prior year, the company posted $0.96 EPS. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders 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 dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is 49.56%.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the sale, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

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.