IFP Advisors Inc Sells 8,812 Shares of Otis Worldwide Corporation $OTIS

Key Points

• IFP Advisors Inc significantly reduced its stake in Otis Worldwide Corporation by 79.7%, selling 8,812 shares and now holding 2,246 shares valued at $222,000.
• JPMorgan Chase & Co. raised their target price for Otis Worldwide from $105.00 to $111.00 and maintains an "overweight" rating, reflecting a positive outlook among analysts.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, yielding 1.8%, with a payout ratio of 44.44%.

IFP Advisors Inc lessened its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 79.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,246 shares of the company's stock after selling 8,812 shares during the period. IFP Advisors Inc's holdings in Otis Worldwide were worth $222,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kingswood Wealth Advisors LLC bought a new position in Otis Worldwide during the 1st quarter valued at approximately $225,000. Sowell Financial Services LLC bought a new position in Otis Worldwide during the 1st quarter valued at approximately $291,000. CWA Asset Management Group LLC bought a new position in Otis Worldwide during the 1st quarter valued at approximately $262,000. JPMorgan Chase & Co. raised 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 valued at $3,913,347,000 after purchasing an additional 2,396,134 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in Otis Worldwide by 1.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company's stock valued at $3,269,000 after purchasing an additional 371 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on OTIS. Zacks Research raised Otis Worldwide from a "strong sell" rating to a "hold" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $105.00 to $111.00 and gave the stock an "overweight" rating in a report on Wednesday. Morgan Stanley upped their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $104.63.

Otis Worldwide Stock Up 0.8%

Otis Worldwide stock opened at $91.39 on Friday. The company has a market capitalization of $35.87 billion, a P/E ratio of 24.18, a PEG ratio of 3.56 and a beta of 1.00. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock's 50 day moving average is $88.92 and its 200 day moving average is $93.34.

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

Otis Worldwide Announces Dividend

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

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.

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