Mirae Asset Global Investments Co. Ltd. Sells 17,777 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its stake in Otis Worldwide Corporation by 26.8%, selling 17,777 shares and leaving them with a total of 48,624 shares valued at approximately $4.82 million.
• Analysts have increased price targets for Otis Worldwide, with Morgan Stanley and JPMorgan Chase both raising their targets to $105.00 and two analysts issuing a Buy rating, while the consensus rating remains a Hold with an average target of $103.25.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, representing an annualized dividend yield of 1.8% and a payout ratio of 44.44%.

Mirae Asset Global Investments Co. Ltd. cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 26.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,624 shares of the company's stock after selling 17,777 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Otis Worldwide were worth $4,815,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. bought a new position in Otis Worldwide in the 1st quarter valued at $25,000. Wayfinding Financial LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $31,000. Flaharty Asset Management LLC bought a new stake in Otis Worldwide during the 1st quarter valued at $38,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Otis Worldwide in the 2nd quarter worth $45,000. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on OTIS shares. Morgan Stanley upped their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Otis Worldwide in a research note on Saturday, September 27th. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, September 18th. Finally, Wells Fargo & Company lifted their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $103.25.

Otis Worldwide Price Performance

NYSE OTIS opened at $90.85 on Tuesday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The company has a market capitalization of $35.66 billion, a PE ratio of 24.03, a P/E/G ratio of 3.59 and a beta of 1.00. The company has a fifty day moving average of $88.19 and a 200 day moving average of $93.97.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results 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. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the previous year, the business posted $1.06 EPS. The business's revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were given 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 1.8%. Otis Worldwide's payout ratio is 44.44%.

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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