Otis Worldwide Corporation $OTIS Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,910,275 shares of the company’s stock after selling 258,058 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Otis Worldwide were worth $684,255,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research firms have recently commented on OTIS. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Wells Fargo & Company lifted their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Thursday. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $103.71.

Otis Worldwide Trading Down 2.0%

Shares of NYSE:OTIS opened at $88.81 on Friday. The firm’s 50 day moving average is $90.56 and its two-hundred day moving average is $92.66. The firm has a market capitalization of $34.61 billion, a P/E ratio of 26.20, a PEG ratio of 3.38 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 the consensus estimate 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 the consensus estimate of $3.65 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue was up 4.0% on a year-over-year basis. 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 Announces Dividend

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 Buying and Selling at Otis Worldwide

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

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.