Bahl & Gaynor Inc. Lowers Stake in Otis Worldwide Corporation $OTIS

Key Points

• Bahl & Gaynor Inc. has reduced its holdings in Otis Worldwide Corporation by 66.8%, now owning 124,372 shares worth approximately $12.8 million after selling 250,323 shares.
• Additionally, various institutional investors have either initiated new stakes or adjusted their positions in Otis, leading to an overall 88.03% ownership by institutional investors.
• Otis Worldwide reported a quarterly earnings result of $1.05 EPS, slightly beating expectations, despite a revenue decline of 0.2% year-over-year.

Bahl & Gaynor Inc. lessened its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 66.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 124,372 shares of the company's stock after selling 250,323 shares during the period. Bahl & Gaynor Inc.'s holdings in Otis Worldwide were worth $12,835,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Simon Quick Advisors LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth about $443,000. SG Americas Securities LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth about $2,533,000. Quintet Private Bank Europe S.A. boosted its position in shares of Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after buying an additional 9,467 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Otis Worldwide by 362.4% in the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after buying an additional 343,987 shares during the period. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth about $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Morgan Stanley upped their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $88.4070 on Friday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business's 50-day simple moving average is $93.42 and its 200 day simple moving average is $96.30. The stock has a market cap of $34.70 billion, a price-to-earnings ratio of 23.39, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly 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. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the firm posted $1.06 earnings per share. The company's revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's payout ratio is 44.44%.

About Otis Worldwide

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.

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