Assenagon Asset Management S.A. Cuts Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Assenagon Asset Management cut its Otis Worldwide stake by 57.6% in the second quarter, selling 245,138 shares and retaining 180,205 shares valued at approximately $12.9 million.
• Analysts maintain a consensus “Hold” rating with an average price target of $92.91, while individual targets range from $77 to $95. The stock recently traded at $72.74, near its 52-week low.
• Otis reported quarterly earnings in line with estimates at $1.01 per share, while revenue of $3.86 billion exceeded expectations. The company also declared a quarterly dividend of $0.44 per share, representing a 2.4% annualized yield.

Assenagon Asset Management S.A. decreased its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 57.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,205 shares of the company's stock after selling 245,138 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Otis Worldwide were worth $12,903,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. DMKC Advisory Services LLC increased its position in shares of Otis Worldwide by 24.6% during the second quarter. DMKC Advisory Services LLC now owns 38,387 shares of the company's stock valued at $2,748,000 after acquiring an additional 7,591 shares during the last quarter. Arlington Partners LLC increased its position in shares of Otis Worldwide by 16.0% during the 2nd quarter. Arlington Partners LLC now owns 3,539 shares of the company's stock valued at $253,000 after purchasing an additional 487 shares during the last quarter. Canandaigua National Bank & Trust Co. bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $2,625,000. Bangor Savings Bank raised its stake in shares of Otis Worldwide by 44.3% during the 2nd quarter. Bangor Savings Bank now owns 1,589 shares of the company's stock worth $114,000 after purchasing an additional 488 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in shares of Otis Worldwide by 177.6% in the 2nd quarter. Versant Capital Management Inc now owns 4,752 shares of the company's stock worth $340,000 after buying an additional 3,040 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on OTIS. Weiss Ratings lowered shares of Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Barclays lowered their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a research report on Thursday, April 23rd. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Evercore reissued an "outperform" rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Sanford C. Bernstein decreased their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating for the company in a research note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average target price of $92.91.

Otis Worldwide Stock Down 1.7%

NYSE OTIS opened at $72.74 on Tuesday. The company has a market cap of $27.69 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 2.62 and a beta of 0.89. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $94.57. The firm's 50-day simple moving average is $72.29 and its two-hundred day simple moving average is $78.62.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the company earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities research analysts anticipate that Otis Worldwide Corporation will post 4 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, August 14th. Otis Worldwide's payout ratio is currently 45.24%.

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.

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