Otis Worldwide Corporation $OTIS Shares Sold by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 26.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 31,845 shares of the company’s stock after selling 11,698 shares during the quarter. Otis Worldwide comprises about 1.5% of Brown Shipley& Co Ltd’s holdings, making the stock its 18th biggest position. Brown Shipley& Co Ltd’s holdings in Otis Worldwide were worth $2,912,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OTIS. Chilton Capital Management LLC purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at approximately $31,000. Nemes Rush Group LLC raised its holdings 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 acquiring an additional 135 shares during the last quarter. Flaharty Asset Management LLC acquired a new position in Otis Worldwide in the 1st quarter valued at $38,000. MTM Investment Management LLC acquired a new position in Otis Worldwide in the 2nd quarter valued at $40,000. Finally, Toth Financial Advisory Corp purchased a new position in Otis Worldwide in the 2nd quarter valued at $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction 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 transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $87.94 on Tuesday. The firm has a 50 day simple moving average of $89.07 and a 200-day simple moving average of $90.69. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock has a market cap of $34.27 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 3.34 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter last year, the firm earned $0.96 EPS. The business’s revenue 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. Equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were paid a $0.42 dividend. 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 is 49.56%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research reports. Barclays upped their target price 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 shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. Wall Street Zen raised shares of Otis Worldwide from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.