AQR Capital Management LLC Cuts Holdings in Otis Worldwide Corporation $OTIS

Key Points

• AQR Capital Management LLC reduced its stake in Otis Worldwide Corporation by 31.1%, selling 117,672 shares and owning 260,870 shares worth approximately $26.57 million after the sale.
• Multiple institutional investors, including Amundi and EP Wealth Advisors, increased their positions in Otis Worldwide, with Amundi raising its holdings by 34.8%.
• Otis Worldwide recently announced a quarterly dividend of $0.42, reflecting an annual yield of 1.9% and a payout ratio of 44.44%.

AQR Capital Management LLC trimmed its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 31.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 260,870 shares of the company's stock after selling 117,672 shares during the quarter. AQR Capital Management LLC owned about 0.07% of Otis Worldwide worth $26,568,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of OTIS. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter worth $25,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide in the first quarter worth $31,000. Cheviot Value Management LLC acquired a new stake in Otis Worldwide in the first quarter worth $31,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide in the fourth quarter worth $35,000. Finally, Curat Global LLC acquired a new stake in Otis Worldwide in the first quarter worth $61,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. JPMorgan Chase & Co. reduced their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Finally, Morgan Stanley lifted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded down $0.26 during mid-day trading on Friday, reaching $89.12. 3,610,840 shares of the company's stock traded hands, compared to its average volume of 3,228,639. The stock has a market cap of $34.98 billion, a P/E ratio of 23.58, a PEG ratio of 4.30 and a beta of 0.98. The business has a 50-day simple moving average of $90.36 and a 200 day simple moving average of $95.23. 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 results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the previous year, the company earned $1.06 earnings per share. The firm's revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. 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.