Otis Worldwide Corporation $OTIS Position Lessened by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. has reduced its stake in Otis Worldwide Corporation by 3.9%, now owning 1,331,686 shares valued at approximately $137.43 million.
• Several institutional investors, including Vanguard and JPMorgan Chase, have increased their holdings in Otis, indicating strong institutional interest with 88.03% of the company's stock owned by such investors.
• Otis Worldwide reported quarterly earnings of $1.05 per share, exceeding analysts' expectations, despite a slight decline in revenue compared to the previous year.

Jacobs Levy Equity Management Inc. trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,331,686 shares of the company's stock after selling 54,208 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.34% of Otis Worldwide worth $137,430,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. NBC Securities Inc. bought a new position in Otis Worldwide during the 1st quarter valued at $25,000. Wayfinding Financial LLC bought a new position in Otis Worldwide during the 1st quarter valued at $31,000. Cheviot Value Management LLC bought a new position in Otis Worldwide during the 1st quarter valued at $31,000. Orion Capital Management LLC bought a new position in Otis Worldwide during the 4th quarter valued at $35,000. Finally, Curat Global LLC bought a new position in Otis Worldwide during the 1st quarter valued at $61,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.7%

Shares of OTIS traded up $0.60 during mid-day trading on Tuesday, reaching $87.97. The company's stock had a trading volume of 3,160,505 shares, compared to its average volume of 2,820,487. The business has a fifty day moving average of $91.26 and a 200 day moving average of $95.50. The company has a market cap of $34.53 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 4.19 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83.

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, beating analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The company's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio is presently 44.44%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Royal Bank Of Canada decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Finally, 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. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $102.50.

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.