140,479 Otis Worldwide Corporation $OTIS Shares Sold by Quintet Private Bank Europe S.A.

Key Points

• Quintet Private Bank Europe cut its Otis Worldwide stake by 97.1% in the third quarter, selling 140,479 shares and retaining 4,254 shares valued at approximately $274,000. Institutional investors still own 88.03% of the company.
• Analysts maintain a mixed outlook, with four Buy, four Hold and two Sell ratings. Otis has a consensus rating of Hold and an average price target of $91, compared with a recent share price of $65.65.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, while matching estimates with $1.01 in adjusted EPS. The company also pays a quarterly dividend of $0.44, representing a 2.7% annualized yield.

Quintet Private Bank Europe S.A. lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 97.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,254 shares of the company's stock after selling 140,479 shares during the period. Quintet Private Bank Europe S.A.'s holdings in Otis Worldwide were worth $274,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC increased its holdings in Otis Worldwide by 70.6% in the 3rd quarter. Elevation Wealth Partners LLC now owns 686 shares of the company's stock worth $44,000 after acquiring an additional 284 shares during the last quarter. Cooper Financial Group increased its stake in shares of Otis Worldwide by 11.9% in the third quarter. Cooper Financial Group now owns 9,762 shares of the company's stock worth $628,000 after purchasing an additional 1,039 shares in the last quarter. Canandaigua National Trust Co of Florida bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $801,000. Canandaigua National Bank & Trust Co. lifted its stake in shares of Otis Worldwide by 9.7% during the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 40,227 shares of the company's stock valued at $2,587,000 after buying an additional 3,564 shares in the last quarter. Finally, Moody National Bank Trust Division boosted its holdings in Otis Worldwide by 67.7% in the 3rd quarter. Moody National Bank Trust Division now owns 6,029 shares of the company's stock worth $388,000 after buying an additional 2,433 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Otis Worldwide in a report on Thursday, September 24th. They set an "underweight" rating and a $77.00 target price on the stock. Evercore reissued an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Otis Worldwide in a report on Monday, September 21st. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $91.00.

Otis Worldwide Price Performance

OTIS stock traded down $0.09 during midday trading on Thursday, reaching $65.65. The company had a trading volume of 1,163,530 shares, compared to its average volume of 3,858,846. The firm has a 50-day moving average price of $69.99 and a 200-day moving average price of $72.89. The company has a market capitalization of $24.99 billion, a P/E ratio of 16.88, a P/E/G ratio of 2.33 and a beta of 0.87. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the previous year, the firm posted $1.05 EPS. The firm's revenue was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 14th were given a $0.44 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.7%. Otis Worldwide's payout ratio is presently 45.24%.

Otis Worldwide Profile

Otis Worldwide Corporation NYSE: OTIS is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.

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