Otis Worldwide Corporation $OTIS Shares Sold by Canoe Financial LP

Key Points

• Canoe Financial LP reduced its stake in Otis Worldwide Corporation by 2.1% during the 2nd quarter, now owning approximately 1.47 million shares valued at $145.67 million.
• Multiple institutional investors, including JPMorgan Chase and Vanguard Group, have increased their holdings in Otis Worldwide, highlighting strong interest from large investment firms.
• Analysts provide a mixed outlook on Otis Worldwide, with a consensus rating of "Hold" and target price around $103.00, reflecting varied expectations for future performance.

Canoe Financial LP decreased its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,471,094 shares of the company's stock after selling 32,275 shares during the period. Otis Worldwide makes up approximately 2.1% of Canoe Financial LP's holdings, making the stock its 15th biggest position. Canoe Financial LP owned 0.37% of Otis Worldwide worth $145,668,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. lifted its stake in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. Nuveen LLC bought a new position in Otis Worldwide during the 1st quarter valued at about $91,989,000. GAMMA Investing LLC increased its position in shares of Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after purchasing an additional 814,057 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after purchasing an additional 571,489 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

OTIS has been the subject of several analyst reports. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Royal Bank Of Canada reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Zacks Research lowered shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a report on Monday, September 15th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $103.00.

Otis Worldwide Stock Performance

OTIS traded down $0.40 on Tuesday, hitting $88.94. The company had a trading volume of 448,854 shares, compared to its average volume of 2,842,615. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock has a market capitalization of $34.91 billion, a price-to-earnings ratio of 23.54, a P/E/G ratio of 4.29 and a beta of 0.98. The stock has a fifty day moving average price of $89.15 and a 200-day moving average price of $94.71.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $3.73 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The company's revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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