Otis Worldwide Corporation $OTIS Shares Sold by US Bancorp DE

US Bancorp DE lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.2% during the 2nd quarter, Holdings Channel reports. The firm owned 179,995 shares of the company’s stock after selling 9,916 shares during the period. US Bancorp DE’s holdings in Otis Worldwide were worth $17,823,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 6.7% in the first 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 in the last quarter. PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 13.3% in the second 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 in the last quarter. Invesco Ltd. raised its holdings in Otis Worldwide by 4.7% in the first 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 in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 16.0% in the first 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 in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.3%

Shares of OTIS opened at $89.46 on Friday. The firm has a market cap of $35.11 billion, a PE ratio of 23.67, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00. The company’s 50 day simple moving average is $88.52 and its 200-day simple moving average is $93.76. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (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 analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. During the same period last year, the firm posted $1.06 earnings per share. The company’s revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio (DPR) is 44.44%.

Analysts Set New Price Targets

Several analysts recently weighed in on OTIS shares. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 target price on the stock. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday. Finally, Zacks Research cut shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.88.

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.