Otis Worldwide Corporation $OTIS Shares Sold by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP reduced its stake in Otis Worldwide Corporation by 7.4%, owning 1,940,449 shares valued at approximately $200.23 million after selling 155,220 shares.
• Several analysts recently adjusted their price targets for Otis Worldwide, with Wells Fargo lowering it to $93.00, while JPMorgan set a target of $101.00 amidst an average rating of "Hold" with a consensus price target of $102.50.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, resulting in an annualized dividend yield of 1.9% and a payout ratio of 44.44%.

Dimensional Fund Advisors LP cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,940,449 shares of the company's stock after selling 155,220 shares during the period. Dimensional Fund Advisors LP owned about 0.49% of Otis Worldwide worth $200,231,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. CreativeOne Wealth LLC grew its stake in Otis Worldwide by 32.0% during the 4th quarter. CreativeOne Wealth LLC now owns 2,917 shares of the company's stock worth $270,000 after buying an additional 707 shares during the last quarter. Guggenheim Capital LLC grew its stake in Otis Worldwide by 7.7% during the 4th quarter. Guggenheim Capital LLC now owns 10,305 shares of the company's stock worth $954,000 after buying an additional 741 shares during the last quarter. NewEdge Advisors LLC grew its stake in Otis Worldwide by 5.6% during the 4th quarter. NewEdge Advisors LLC now owns 9,653 shares of the company's stock worth $894,000 after buying an additional 514 shares during the last quarter. Forum Financial Management LP grew its stake in Otis Worldwide by 12.0% during the 4th quarter. Forum Financial Management LP now owns 2,893 shares of the company's stock worth $268,000 after buying an additional 311 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in Otis Worldwide by 203.4% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,743 shares of the company's stock worth $1,643,000 after buying an additional 11,894 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Royal Bank Of Canada dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Two equities research 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. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Stock Performance

Shares of OTIS traded up $0.8370 during midday trading on Friday, hitting $88.4070. 5,451,393 shares of the stock were exchanged, compared to its average volume of 4,003,957. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The stock has a fifty day simple moving average of $93.42 and a 200 day simple moving average of $96.29. The firm has a market cap of $34.70 billion, a P/E ratio of 23.39, a P/E/G ratio of 4.21 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. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The company's quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide Profile

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.