Otis Worldwide Corporation $OTIS Shares Sold by Jump Financial LLC

Key Points

• Jump Financial LLC has drastically reduced its stake in Otis Worldwide Corporation by 93.5%, now holding only 1,983 shares worth approximately $205,000.
• Otis Worldwide reported a quarterly earnings per share (EPS) of $1.05, slightly exceeding expectations, but revenue decreased by 0.2% compared to the same quarter last year.
• The company declared a quarterly dividend of $0.42 to be paid on September 5th, reflecting a 1.9% yield and a payout ratio of 44.44%.

Jump Financial LLC reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 93.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,983 shares of the company's stock after selling 28,654 shares during the quarter. Jump Financial LLC's holdings in Otis Worldwide were worth $205,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in OTIS. Simon Quick Advisors LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at approximately $443,000. SG Americas Securities LLC acquired a new position in Otis Worldwide in the first quarter valued at $2,533,000. Quintet Private Bank Europe S.A. increased its holdings in shares of Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after purchasing an additional 9,467 shares during the period. Assenagon Asset Management S.A. lifted its position in Otis Worldwide by 362.4% in the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after purchasing an additional 343,987 shares during the period. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at approximately $225,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.50 during trading on Friday, hitting $87.00. The company's stock had a trading volume of 3,034,869 shares, compared to its average volume of 3,302,948. The stock's fifty day moving average is $91.50 and its 200 day moving average is $95.60. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock has a market capitalization of $34.14 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 4.19 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during 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 revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's payout ratio is presently 44.44%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OTIS. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Two equities research 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price 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.