Menora Mivtachim Holdings LTD. Sells 1,339,728 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Menora Mivtachim Holdings LTD. has reduced its stake in Otis Worldwide Corporation by 54.9%, selling 1,339,728 shares and retaining approximately 1.1 million shares valued at $113.5 million.
• Several institutional investors have recently adjusted their positions in Otis Worldwide, with Aberdeen Group plc reporting a significant increase in holdings of 125.2% during the first quarter.
• Despite a quarterly earnings report where Otis Worldwide beat EPS estimates but fell short on revenue, Wall Street analysts maintain a mostly "Hold" rating, with an average price target of $102.50.

Menora Mivtachim Holdings LTD. decreased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 54.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,099,996 shares of the company's stock after selling 1,339,728 shares during the period. Menora Mivtachim Holdings LTD. owned 0.28% of Otis Worldwide worth $113,520,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after buying an additional 2,396,134 shares during the last quarter. Vanguard Group Inc. boosted its stake in Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after buying an additional 1,591,450 shares during the last quarter. Nuveen LLC bought a new position in Otis Worldwide during the first quarter valued at approximately $91,989,000. GAMMA Investing LLC boosted its stake in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after buying an additional 814,057 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in Otis Worldwide during the fourth quarter valued at approximately $66,962,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

OTIS traded up $0.9280 during trading on Tuesday, hitting $88.5380. 5,698,959 shares of the stock were exchanged, compared to its average volume of 4,304,504. The firm has a 50 day simple moving average of $94.02 and a 200 day simple moving average of $96.49. The firm has a market cap of $34.75 billion, a price-to-earnings ratio of 22.70, a P/E/G ratio of 4.21 and a beta of 0.95. 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 quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several analyst reports. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report 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 target price on the stock. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Finally, Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $102.50.

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.