HB Wealth Management LLC Has $1.48 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• HB Wealth Management LLC reduced its stake in Otis Worldwide Corporation by 26.4% in the second quarter, leaving it with 14,953 shares valued at approximately $1.48 million.
• The stock's recent performance shows a market cap of $36.21 billion and a P/E ratio of 24.41, with earnings per share of $1.05 for the last quarter, surpassing analysts' expectations.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, resulting in an annualized dividend yield of 1.8%, with a payout ratio currently at 44.44%.

HB Wealth Management LLC trimmed its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 26.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,953 shares of the company's stock after selling 5,362 shares during the quarter. HB Wealth Management LLC's holdings in Otis Worldwide were worth $1,481,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in OTIS. JPMorgan Chase & Co. increased its position 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. Vanguard Group Inc. increased its position in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. Nuveen LLC acquired a new position in Otis Worldwide during the 1st quarter worth approximately $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after purchasing an additional 571,489 shares in the last quarter. Finally, PineStone Asset Management Inc. increased its position 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. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $92.27 on Friday. The firm's fifty day moving average is $88.09 and its 200-day moving average is $94.22. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The firm has a market cap of $36.21 billion, a P/E ratio of 24.41, a P/E/G ratio of 4.44 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS 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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the firm posted $1.06 EPS. 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. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's dividend payout ratio is currently 44.44%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Wells Fargo & Company decreased their price target on shares of 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. Finally, Barclays decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Two equities research 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. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $103.00.

Otis Worldwide Company 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.

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