Otis Worldwide Corporation $OTIS Holdings Lowered by Ethic Inc.

Key Points

• Ethic Inc. reduced its stake in Otis Worldwide Corporation by 7.4%, selling 5,459 shares during the first quarter, leaving them with 68,402 shares valued at approximately $7.1 million.
• Otis Worldwide is experiencing mixed analyst ratings, with one sell rating, five hold ratings, and two buy ratings, and an average target price of $102.50.
• The company announced a quarterly dividend of $0.42 per share, representing a 1.9% yield and a payout ratio of 44.44%.

Ethic Inc. reduced its stake 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 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,402 shares of the company's stock after selling 5,459 shares during the quarter. Ethic Inc.'s holdings in Otis Worldwide were worth $7,118,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Transce3nd LLC bought a new position in Otis Worldwide during the 4th quarter worth $25,000. NBC Securities Inc. bought a new position in Otis Worldwide during the 1st quarter worth $25,000. Wayfinding Financial LLC bought a new position in Otis Worldwide during the 1st quarter worth $31,000. Cheviot Value Management LLC bought a new position in Otis Worldwide during the 1st quarter worth $31,000. Finally, Orion Capital Management LLC bought a new position in Otis Worldwide during the 4th quarter worth $35,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent analyst reports. Wells Fargo & Company decreased their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Trading Up 1.0%

OTIS stock traded up $0.9290 during trading hours on Wednesday, hitting $89.5190. 4,195,956 shares of the stock traded hands, compared to its average volume of 2,779,747. The stock has a 50-day simple moving average of $93.88 and a 200 day simple moving average of $96.43. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a market cap of $35.13 billion, a P/E ratio of 23.68, a P/E/G ratio of 4.21 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the business posted $1.06 earnings per share. The company's quarterly 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 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is 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%.

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.