First Trust Advisors LP Decreases Position in Otis Worldwide Corporation $OTIS

First Trust Advisors LP trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 6.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 500,533 shares of the company’s stock after selling 31,688 shares during the period. First Trust Advisors LP’s holdings in Otis Worldwide were worth $49,563,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of OTIS. Chilton Capital Management LLC purchased a new stake in Otis Worldwide during the 2nd quarter valued at about $31,000. Nemes Rush Group LLC boosted its stake in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Flaharty Asset Management LLC bought a new position in shares of Otis Worldwide in the first quarter worth approximately $38,000. MTM Investment Management LLC bought a new position in shares of Otis Worldwide in the second quarter worth approximately $40,000. Finally, Toth Financial Advisory Corp purchased a new position in shares of Otis Worldwide in the second quarter worth $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other 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 sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $86.08 on Tuesday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock’s 50 day simple moving average is $90.02 and its two-hundred day simple moving average is $91.52. The stock has a market cap of $33.55 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 3.29 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s payout ratio is 49.56%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OTIS. Barclays increased their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 1st. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Wells Fargo & Company boosted their price target on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. Finally, JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $103.71.

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.