HighTower Advisors LLC Sells 153,751 Shares of Otis Worldwide Corporation $OTIS

HighTower Advisors LLC lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 26.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 421,311 shares of the company's stock after selling 153,751 shares during the period. HighTower Advisors LLC owned about 0.11% of Otis Worldwide worth $30,166,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its position in shares of Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock worth $949,000 after acquiring an additional 304 shares in the last quarter. Empowered Funds LLC raised its holdings in Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after purchasing an additional 857 shares in the last quarter. Acadian Asset Management LLC lifted its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after buying an additional 1,574 shares during the period. Baird Financial Group Inc. lifted its position in Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock valued at $3,193,000 after buying an additional 2,132 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of Otis Worldwide by 13.3% during the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock valued at $1,012,000 after buying an additional 1,196 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $70.14 on Wednesday. The company has a market capitalization of $26.70 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The company's 50-day moving average is $72.31 and its 200 day moving average is $75.96.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.76 billion. During the same period in the previous year, the company earned $1.05 earnings per share. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, research analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide's payout ratio is presently 45.24%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on OTIS shares. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Evercore reissued an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein decreased their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating for the company in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a report on Tuesday, July 28th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $92.91.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis's business derives from long-term service contracts and responsive maintenance work.

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