Curated Wealth Partners LLC Sells 28,921 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Curated Wealth Partners LLC reduced its Otis Worldwide stake by 78%, selling 28,921 shares and retaining 8,143 shares valued at approximately $524,000. Institutional investors collectively own 88.03% of the company.
• Analyst sentiment is mixed, with four Buy, three Hold, and two Sell ratings. Otis has a consensus rating of Hold and an average price target of $91, compared with a recent share price of $71.31.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, and earnings of $1.01 per share, in line with estimates. The company also pays a quarterly dividend of $0.44, representing a 2.5% annualized yield.

Curated Wealth Partners LLC cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 78.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,143 shares of the company's stock after selling 28,921 shares during the period. Curated Wealth Partners LLC's holdings in Otis Worldwide were worth $524,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Veritas Asset Management LLP bought a new stake in shares of Otis Worldwide in the 2nd quarter valued at $7,565,000. State Street Corp raised its stake in Otis Worldwide by 2.9% during the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company's stock worth $1,193,214,000 after buying an additional 463,491 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Otis Worldwide by 36.8% during the second quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company's stock worth $45,433,000 after acquiring an additional 170,600 shares in the last quarter. National Pension Service lifted its holdings in Otis Worldwide by 16.6% during the second quarter. National Pension Service now owns 761,439 shares of the company's stock worth $54,519,000 after acquiring an additional 108,638 shares in the last quarter. Finally, Banco Santander S.A. lifted its holdings in Otis Worldwide by 1,153.2% during the second quarter. Banco Santander S.A. now owns 106,257 shares of the company's stock worth $7,608,000 after acquiring an additional 97,778 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. Evercore reissued an "outperform" rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Otis Worldwide in a research report on Monday, September 21st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Wells Fargo & Company started coverage on Otis Worldwide in a report on Thursday, September 24th. They set an "underweight" rating and a $77.00 price objective on the stock. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $91.00.

Otis Worldwide Trading Up 1.3%

Shares of NYSE OTIS opened at $71.31 on Friday. The firm has a market cap of $27.14 billion, a PE ratio of 18.33, a PEG ratio of 2.47 and a beta of 0.87. Otis Worldwide Corporation has a 1-year low of $63.58 and a 1-year high of $94.57. The company has a fifty day moving average price of $69.32 and a 200 day moving average price of $72.44.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%. The company's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 14th were paid a $0.44 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.76 annualized dividend and a yield of 2.5%. Otis Worldwide's payout ratio is presently 45.24%.

Otis Worldwide Profile

Otis Worldwide Corporation NYSE: OTIS is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.

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