Delta Asset Management LLC TN Sells 1,015 Shares of Otis Worldwide Corporation $OTIS

Delta Asset Management LLC TN lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 67,230 shares of the company’s stock after selling 1,015 shares during the period. Delta Asset Management LLC TN’s holdings in Otis Worldwide were worth $6,657,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Chilton Capital Management LLC bought a new position in Otis Worldwide in the 2nd quarter valued at about $31,000. Cheviot Value Management LLC bought a new position in shares of Otis Worldwide during the first quarter worth approximately $31,000. Flaharty Asset Management LLC acquired a new stake in Otis Worldwide during the 1st quarter worth approximately $38,000. MTM Investment Management LLC acquired a new stake in Otis Worldwide during the 2nd quarter worth approximately $40,000. Finally, Toth Financial Advisory Corp bought a new stake in Otis Worldwide in the 2nd quarter valued at $45,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Royal Bank Of Canada lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $103.71.

Otis Worldwide Price Performance

NYSE OTIS opened at $88.81 on Monday. The business has a fifty day moving average price of $90.56 and a two-hundred day moving average price of $92.64. The stock has a market capitalization of $34.61 billion, a PE ratio of 26.20, a PEG ratio of 3.38 and a beta of 1.00. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.65 billion. During the same period last year, the firm posted $0.96 earnings per share. Otis Worldwide’s revenue 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. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s payout ratio is 49.56%.

Insider Activity

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

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.