Corient Private Wealth LLC Sells 11,567 Shares of Otis Worldwide Corporation $OTIS

Corient Private Wealth LLC trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 6.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 166,758 shares of the company’s stock after selling 11,567 shares during the period. Corient Private Wealth LLC’s holdings in Otis Worldwide were worth $16,512,000 at the end of the most recent reporting period.

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

Otis Worldwide Stock Up 1.1%

Otis Worldwide stock opened at $88.97 on Thursday. The firm has a fifty day simple moving average of $89.54 and a two-hundred day simple moving average of $91.16. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a market capitalization of $34.67 billion, a PE ratio of 26.24, a P/E/G ratio of 3.35 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping 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 the consensus estimate of $3.65 billion. During the same quarter in the previous year, the business earned $0.96 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insiders Place Their Bets

In other Otis Worldwide 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 value of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of research analyst reports. Barclays increased their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $103.50.

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.