Otis Worldwide Corporation $OTIS Shares Sold by Dearborn Partners LLC

Dearborn Partners LLC cut its position in Otis Worldwide Corporation (NYSE:OTIS) by 64.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,168 shares of the company’s stock after selling 11,428 shares during the quarter. Dearborn Partners LLC’s holdings in Otis Worldwide were worth $611,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Vanguard Group Inc. boosted its holdings in Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares during the period. Geode Capital Management LLC lifted its position in shares of Otis Worldwide by 1.2% during the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after purchasing an additional 129,458 shares in the last quarter. Norges Bank purchased a new position in shares of Otis Worldwide in the second quarter valued at approximately $721,614,000. PineStone Asset Management Inc. boosted its stake in shares of 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 purchasing an additional 543,933 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide by 11.9% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,632,335 shares of the company’s stock valued at $458,694,000 after purchasing an additional 494,259 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.2%

Otis Worldwide stock opened at $87.71 on Friday. The company has a fifty day simple moving average of $89.75 and a 200-day simple moving average of $91.40. The stock has a market cap of $34.18 billion, a P/E ratio of 25.87, a price-to-earnings-growth ratio of 3.35 and a beta of 1.01. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its 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. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same quarter in the prior year, the company posted $0.96 earnings per share. Otis Worldwide’s revenue for the quarter 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 forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal 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 given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is 49.56%.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s 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 sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. Wells Fargo & Company increased 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. Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Tuesday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.