Franklin Resources Inc. Cuts Stake in Otis Worldwide Corporation $OTIS

Franklin Resources Inc. cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 9.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,097,379 shares of the company’s stock after selling 698,420 shares during the period. Franklin Resources Inc. owned 1.81% of Otis Worldwide worth $702,782,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OTIS. Cheviot Value Management LLC purchased a new position in Otis Worldwide during the 1st quarter worth $31,000. Chilton Capital Management LLC acquired a new stake in Otis Worldwide in the second quarter worth about $31,000. Flaharty Asset Management LLC purchased a new stake in shares of Otis Worldwide during the first quarter worth about $38,000. MTM Investment Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth about $40,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Otis Worldwide during the second quarter valued at about $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their target price 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. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Barclays raised their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $103.71.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, November 5th. The stock was 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 approximately $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

NYSE:OTIS opened at $88.02 on Friday. The company’s fifty day moving average price is $90.48 and its 200-day moving average price is $92.36. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm has a market capitalization of $34.30 billion, a P/E ratio of 25.96, a PEG ratio of 3.31 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly 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 for the quarter, compared to analyst estimates 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 was up 4.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be paid a $0.42 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio is presently 49.56%.

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.