Otis Worldwide Corporation $OTIS Shares Sold by Financiere des Professionnels Fonds d investissement inc.

Key Points

• Financiere des Professionnels Fonds d investissement inc. has reduced its stake in Otis Worldwide Corporation by 6.3%, now holding 54,308 shares valued at approximately $5.38 million.
• Several hedge funds, including Vanguard and JPMorgan Chase, have increased their investments in Otis Worldwide, contributing to hedge funds owning 88.03% of the company's stock.
• Otis Worldwide's latest quarterly earnings showed $1.05 earnings per share, surpassing estimates, despite a 0.2% year-over-year decline in revenue for the quarter.

Financiere des Professionnels Fonds d investissement inc. trimmed its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,308 shares of the company's stock after selling 3,625 shares during the period. Financiere des Professionnels Fonds d investissement inc.'s holdings in Otis Worldwide were worth $5,378,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Otis Worldwide by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,572 shares of the company's stock valued at $4,128,000 after purchasing an additional 1,515 shares in the last quarter. Royal Bank of Canada lifted its holdings in Otis Worldwide by 21.9% during the fourth quarter. Royal Bank of Canada now owns 879,250 shares of the company's stock valued at $81,427,000 after purchasing an additional 158,079 shares in the last quarter. Toronto Dominion Bank lifted its holdings in Otis Worldwide by 56.5% during the fourth quarter. Toronto Dominion Bank now owns 219,473 shares of the company's stock valued at $20,325,000 after purchasing an additional 79,200 shares in the last quarter. Tidal Investments LLC lifted its holdings in Otis Worldwide by 6.4% during the fourth quarter. Tidal Investments LLC now owns 34,524 shares of the company's stock valued at $3,197,000 after purchasing an additional 2,079 shares in the last quarter. Finally, Vident Advisory LLC lifted its holdings in Otis Worldwide by 14.4% during the fourth quarter. Vident Advisory LLC now owns 8,096 shares of the company's stock valued at $750,000 after purchasing an additional 1,022 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada decreased 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. Morgan Stanley raised their price target on shares of 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 assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Finally, Zacks Research downgraded shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research note on Monday. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $103.00.

Otis Worldwide Trading Up 0.8%

Otis Worldwide stock traded up $0.76 during midday trading on Thursday, hitting $90.40. 3,248,746 shares of the stock were exchanged, compared to its average volume of 3,016,143. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock has a market capitalization of $35.48 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 4.31 and a beta of 0.98. The stock's 50-day simple moving average is $89.57 and its 200 day simple moving average is $94.99.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same period last year, the business earned $1.06 earnings per share. The business's revenue for the quarter was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend 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.