FORA Capital LLC Has $1.39 Million Position in Otis Worldwide Corporation $OTIS

Key Points

• FORA Capital LLC reduced its stake in Otis Worldwide Corporation by 72.3%, now holding 13,465 shares valued at approximately $1.39 million.
• Otis Worldwide reported $3.60 billion in revenue for the last quarter, falling short of analyst expectations while earning $1.05 EPS, slightly above consensus estimates.
• The company declared a quarterly dividend of $0.42 per share, translating to an annualized yield of 1.9%, with a payout ratio of 44.44%.

FORA Capital LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 72.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,465 shares of the company's stock after selling 35,098 shares during the period. FORA Capital LLC's holdings in Otis Worldwide were worth $1,390,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OTIS. Coldstream Capital Management Inc. grew its stake in Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after buying an additional 109 shares during the last quarter. Boothbay Fund Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth $854,000. Beacon Pointe Advisors LLC boosted its holdings in Otis Worldwide by 10.1% during the fourth quarter. Beacon Pointe Advisors LLC now owns 15,538 shares of the company's stock valued at $1,439,000 after acquiring an additional 1,429 shares during the period. Northern Trust Corp grew its position in shares of Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after purchasing an additional 501,016 shares during the last quarter. Finally, AdvisorShares Investments LLC increased its stake in shares of Otis Worldwide by 15.4% in the fourth quarter. AdvisorShares Investments LLC now owns 76,222 shares of the company's stock worth $7,059,000 after purchasing an additional 10,178 shares during the period. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Up 0.9%

Shares of NYSE:OTIS opened at $87.66 on Wednesday. The firm has a market capitalization of $34.40 billion, a PE ratio of 23.19, a PEG ratio of 4.18 and a beta of 0.95. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The business's 50 day moving average is $93.08 and its 200-day moving average is $96.19.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its 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. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm 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. Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.42 per share. 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 payout ratio is 44.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Barclays cut their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Morgan Stanley raised their price objective 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. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $102.50.

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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.