Otis Worldwide Corporation $OTIS Shares Sold by Arlington Partners LLC

Key Points

• Arlington Partners LLC has reduced its stake in Otis Worldwide Corporation by 34.8%, now holding 29,022 shares worth approximately $2.87 million after selling 15,465 shares.
• The stock currently has a consensus rating of "Hold" with an average target price of $103.00, following recent analyst upgrades and downgrades.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, representing an annual yield of 1.9% and a payout ratio of 44.44%.

Arlington Partners LLC cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 34.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,022 shares of the company's stock after selling 15,465 shares during the quarter. Arlington Partners LLC's holdings in Otis Worldwide were worth $2,874,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in OTIS. NBC Securities Inc. purchased a new stake in Otis Worldwide during the 1st quarter worth approximately $25,000. Wayfinding Financial LLC purchased a new stake in Otis Worldwide during the 1st quarter worth about $31,000. Cheviot Value Management LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Flaharty Asset Management LLC purchased a new position in shares of Otis Worldwide in the 1st quarter valued at about $38,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Otis Worldwide during the second quarter worth about $45,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on OTIS shares. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of "Hold" and a consensus price target of $103.00.

Otis Worldwide Trading Up 0.3%

Shares of Otis Worldwide stock traded up $0.27 on Monday, reaching $89.43. 2,169,040 shares of the stock were exchanged, compared to its average volume of 3,053,172. The business has a fifty day moving average price of $89.15 and a two-hundred day moving average price of $94.71. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm has a market capitalization of $35.10 billion, a PE ratio of 23.66, a PEG ratio of 4.29 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business's revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide's dividend payout ratio is 44.44%.

Otis Worldwide 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.