Gotham Asset Management LLC Cuts Position in Otis Worldwide Corporation $OTIS

Key Points

• Gotham Asset Management LLC reduced its stake in Otis Worldwide Corporation by 28.7%, selling 55,333 shares and leaving them with a total of 137,446 shares valued at approximately $14.2 million.
• Otis Worldwide reported $1.05 earnings per share for the last quarter, exceeding estimates, but its revenue fell slightly compared to the prior year.
• The company's quarterly dividend was recently paid at $0.42 per share, representing a dividend yield of 1.9% and a payout ratio of 44.44%.

Gotham Asset Management LLC lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 28.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 137,446 shares of the company's stock after selling 55,333 shares during the quarter. Gotham Asset Management LLC's holdings in Otis Worldwide were worth $14,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Eventide Asset Management LLC purchased a new position in shares of Otis Worldwide in the first quarter worth $549,000. Cinctive Capital Management LP bought a new stake in Otis Worldwide in the 1st quarter worth approximately $351,000. Banque Transatlantique SA grew its position in Otis Worldwide by 53.8% in the 1st quarter. Banque Transatlantique SA now owns 8,919 shares of the company's stock worth $851,000 after purchasing an additional 3,121 shares during the period. Amundi grew its position in Otis Worldwide by 34.8% in the 1st quarter. Amundi now owns 1,189,263 shares of the company's stock worth $124,040,000 after purchasing an additional 307,220 shares during the period. Finally, Aprio Wealth Management LLC grew its position in Otis Worldwide by 8.7% in the 1st quarter. Aprio Wealth Management LLC now owns 3,936 shares of the company's stock worth $406,000 after purchasing an additional 316 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on OTIS shares. JPMorgan Chase & Co. reduced 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. Royal Bank Of Canada reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" 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. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $0.75 during trading on Friday, hitting $88.63. 654,786 shares of the company's stock were exchanged, compared to its average volume of 2,810,201. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The business's 50-day simple moving average is $90.57 and its 200 day simple moving average is $95.33. The company has a market cap of $34.79 billion, a price-to-earnings ratio of 23.44, a PEG ratio of 4.22 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (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 quarter last year, the business posted $1.06 earnings per share. The firm'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, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 15th. 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.