Equitable Trust Co. Has $16.35 Million Position in Otis Worldwide Corporation $OTIS

Key Points

• Equitable Trust Co. reduced its stake in Otis Worldwide Corporation by 9.7%, holding $16.35 million worth of shares at the end of the second quarter.
• Institutional investors control 88.03% of the company's stock, indicating significant investment interest and confidence in Otis Worldwide.
• Analysts have varied opinions on Otis Worldwide, with a consensus rating of "Hold" and a price target averaging $103.88, reflecting mixed expectations about the stock's performance.

Equitable Trust Co. trimmed its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 9.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,134 shares of the company's stock after selling 17,648 shares during the period. Equitable Trust Co.'s holdings in Otis Worldwide were worth $16,352,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after buying an additional 1,591,450 shares during the period. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 6.7% during 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. PineStone Asset Management Inc. increased its stake in Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock worth $459,360,000 after purchasing an additional 543,933 shares in the last quarter. Invesco Ltd. increased its stake in Otis Worldwide by 4.7% during the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock worth $437,424,000 after purchasing an additional 190,397 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Otis Worldwide by 16.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after buying an additional 571,489 shares during the period. Institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OTIS. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an "outperform" rating in a report on Wednesday, October 8th. Morgan Stanley upped their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $103.88.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $89.22 on Tuesday. The stock has a market capitalization of $35.02 billion, a PE ratio of 23.60, a P/E/G ratio of 3.51 and a beta of 1.00. The business has a fifty day moving average price of $88.59 and a two-hundred day moving average price of $93.54. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS 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 company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the business earned $1.06 earnings per share. Otis Worldwide'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. On average, equities analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders 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 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) 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.

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