Otis Worldwide Corporation $OTIS Shares Sold by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. reduced its stake in Otis Worldwide Corporation by 14.8%, after selling 6,090 shares during the second quarter, leaving it with a value of $3.47 million.
• Otis Worldwide's quarterly earnings of $1.05 EPS surpassed analysts' expectations, although revenue fell 0.2% year-over-year, totaling $3.60 billion for the quarter.
• The company recently declared a dividend of $0.42 per share, with an annual yield of 1.8% and a payout ratio of 44.44%.

QRG Capital Management Inc. cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 14.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,014 shares of the company's stock after selling 6,090 shares during the quarter. QRG Capital Management Inc.'s holdings in Otis Worldwide were worth $3,467,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OTIS. NBC Securities Inc. purchased a new stake in Otis Worldwide during the 1st quarter valued at about $25,000. Wedmont Private Capital lifted its holdings in shares of Otis Worldwide by 18.8% during the first quarter. Wedmont Private Capital now owns 7,606 shares of the company's stock worth $738,000 after purchasing an additional 1,206 shares during the period. Miracle Mile Advisors LLC purchased a new stake in Otis Worldwide in the first quarter valued at approximately $281,000. Courier Capital LLC increased its holdings in Otis Worldwide by 6.2% in the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after buying an additional 150 shares during the period. Finally, Daymark Wealth Partners LLC increased its holdings in Otis Worldwide by 10.0% in the 1st quarter. Daymark Wealth Partners LLC now owns 8,674 shares of the company's stock worth $895,000 after buying an additional 788 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

OTIS opened at $90.85 on Tuesday. The company has a fifty day moving average of $88.19 and a two-hundred day moving average of $93.97. The stock has a market capitalization of $35.66 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 3.59 and a beta of 1.00. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same period last year, the firm earned $1.06 EPS. The company's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities research analysts forecast 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. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Wells Fargo & Company lifted their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research note on Monday. Morgan Stanley boosted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised their target price on Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $103.25.

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.

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