Penobscot Investment Management Company Inc. Sells 422 Shares of Otis Worldwide Corporation $OTIS

Penobscot Investment Management Company Inc. lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 6.6% in the 2nd quarter, Holdings Channel reports. The firm owned 5,924 shares of the company’s stock after selling 422 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Otis Worldwide were worth $587,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after acquiring an additional 543,933 shares during the last quarter. Invesco Ltd. boosted its position in shares of Otis Worldwide by 4.7% during the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock valued at $437,424,000 after acquiring an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after acquiring an additional 571,489 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.7%

Shares of NYSE OTIS opened at $91.57 on Friday. The stock has a market cap of $35.94 billion, a price-to-earnings ratio of 24.23, a P/E/G ratio of 4.40 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock’s 50-day moving average is $88.13 and its 200 day moving average is $94.09.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s payout ratio is 44.44%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a research report on Thursday, July 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Otis Worldwide in a research report on Saturday, September 27th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research report on Monday, July 14th. They set a “hold” rating and a $109.00 price target for the company. Wolfe Research raised Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. Finally, Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $103.00.

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.