Otis Worldwide Corporation $OTIS Stake Lowered by Comerica Bank

Key Points

• Comerica Bank has reduced its stake in Otis Worldwide Corporation by 6.6%, now holding 94,038 shares worth approximately $9.7 million.
• Analysts have set differing price targets for Otis, with Barclays lowering their target from $92 to $90, while Morgan Stanley increased theirs from $97 to $105, indicating a mixed outlook for the stock.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, representing an annual yield of 1.9%, with a payout ratio of 44.44%.

Comerica Bank cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 94,038 shares of the company's stock after selling 6,684 shares during the period. Comerica Bank's holdings in Otis Worldwide were worth $9,705,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Coldstream Capital Management Inc. boosted its position in shares of Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after buying an additional 109 shares during the period. Boothbay Fund Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $854,000. Beacon Pointe Advisors LLC boosted its position in shares of Otis Worldwide by 10.1% during the fourth quarter. Beacon Pointe Advisors LLC now owns 15,538 shares of the company's stock worth $1,439,000 after buying an additional 1,429 shares during the period. Northern Trust Corp boosted its position in shares of Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after buying an additional 501,016 shares during the period. Finally, AdvisorShares Investments LLC boosted its position in shares of Otis Worldwide by 15.4% during the fourth quarter. AdvisorShares Investments LLC now owns 76,222 shares of the company's stock worth $7,059,000 after buying an additional 10,178 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on OTIS. Barclays reduced their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Morgan Stanley upped their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. JPMorgan Chase & Co. cut their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Finally, Royal Bank Of Canada cut their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $87.66 on Wednesday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The stock has a fifty day moving average of $93.08 and a 200-day moving average of $96.19. The company has a market capitalization of $34.40 billion, a PE ratio of 23.19, a price-to-earnings-growth ratio of 4.18 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. The company's quarterly 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. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

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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