Bank of Nova Scotia Sells 54,148 Shares of Otis Worldwide Corporation $OTIS

Bank of Nova Scotia cut its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 47.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,063 shares of the company's stock after selling 54,148 shares during the quarter. Bank of Nova Scotia's holdings in Otis Worldwide were worth $4,553,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp increased its stake in shares of Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock valued at $949,000 after purchasing an additional 304 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after buying an additional 857 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after buying an additional 1,574 shares during the last quarter. Baird Financial Group Inc. increased its position in Otis Worldwide by 7.1% during the 2nd quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock valued at $3,193,000 after buying an additional 2,132 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Otis Worldwide by 13.3% during the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock valued at $1,012,000 after buying an additional 1,196 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 1.8%

Otis Worldwide stock opened at $73.25 on Tuesday. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $94.57. The firm's fifty day moving average is $71.99 and its 200 day moving average is $79.79. The company has a market cap of $28.11 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 2.58 and a beta of 0.90.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. Otis Worldwide's dividend payout ratio is presently 45.24%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on OTIS shares. Evercore restated an "outperform" rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday. Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating for the company in a report on Thursday, April 23rd. Wells Fargo & Company decreased their price target on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Wednesday, April 8th. Finally, Sanford C. Bernstein dropped their price objective on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $95.45.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.