Copeland Capital Management LLC Sells 7,855 Shares of Otis Worldwide Corporation $OTIS

Copeland Capital Management LLC cut its position in Otis Worldwide Corporation (NYSE:OTIS) by 72.9% in the third quarter, HoldingsChannel.com reports. The firm owned 2,926 shares of the company’s stock after selling 7,855 shares during the quarter. Copeland Capital Management LLC’s holdings in Otis Worldwide were worth $268,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Chilton Capital Management LLC purchased a new stake in Otis Worldwide in the 2nd quarter worth $31,000. Nemes Rush Group LLC lifted 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 valued at $31,000 after acquiring an additional 135 shares in the last quarter. Flaharty Asset Management LLC bought a new position in shares of Otis Worldwide in the first quarter worth about $38,000. MTM Investment Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth about $40,000. Finally, Toth Financial Advisory Corp bought a new stake in Otis Worldwide during the 2nd quarter valued at approximately $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 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 transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. Wall Street Zen raised shares of Otis Worldwide from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Finally, Barclays boosted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Up 0.0%

Shares of NYSE:OTIS opened at $87.96 on Wednesday. The firm has a fifty day simple moving average of $88.97 and a two-hundred day simple moving average of $90.64. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The stock has a market capitalization of $34.28 billion, a P/E ratio of 25.95, a PEG ratio of 3.35 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 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. 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 firm earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

About Otis Worldwide

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.