Otis Worldwide Corporation $OTIS Stake Lowered by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC reduced its stake in Otis Worldwide Corporation by 13.1%, now holding 463,874 shares valued at approximately $47.87 million.
• Otis Worldwide reported earnings of $1.05 per share for the last quarter, slightly beating expectations, but revenues declined 0.2% year-over-year to $3.60 billion.
• The company declared a quarterly dividend of $0.42 per share, representing an annualized yield of 1.9%, with a dividend payout ratio of 44.44%.

Voya Investment Management LLC reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 463,874 shares of the company's stock after selling 69,699 shares during the period. Voya Investment Management LLC owned 0.12% of Otis Worldwide worth $47,872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the 1st quarter valued at $25,000. Wayfinding Financial LLC purchased a new position in shares of Otis Worldwide during the 1st quarter valued at $31,000. Cheviot Value Management LLC purchased a new position in shares of Otis Worldwide during the 1st quarter valued at $31,000. Flaharty Asset Management LLC purchased a new position in shares of Otis Worldwide during the 1st quarter valued at $38,000. Finally, Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $35,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS stock opened at $89.12 on Friday. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The company has a 50-day moving average of $90.36 and a two-hundred day moving average of $95.23. The stock has a market capitalization of $34.98 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The business'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. Equities analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide's dividend payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Royal Bank Of Canada decreased their price objective 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. JPMorgan Chase & Co. decreased 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, Wells Fargo & Company decreased 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. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $102.50.

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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