Alliancebernstein L.P. Sells 1,002,677 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Alliancebernstein L.P. reduced its holdings in Otis Worldwide Corporation by 5.1%, selling over 1 million shares, yet still retains significant ownership valued at approximately $1.94 billion.
• Recent analyst reports indicate a mixed outlook for Otis Worldwide, with target price adjustments ranging from $93.00 to $109.00 and an overall average rating of "Hold".
• Otis Worldwide announced a quarterly dividend of $0.42 per share, representing an annualized yield of 2.0%, with a payout ratio of 44.44%.

Alliancebernstein L.P. reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,774,900 shares of the company's stock after selling 1,002,677 shares during the period. Otis Worldwide accounts for about 0.7% of Alliancebernstein L.P.'s holdings, making the stock its 20th biggest position. Alliancebernstein L.P. owned approximately 4.76% of Otis Worldwide worth $1,937,570,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares during the period. Nuveen LLC purchased a new position in Otis Worldwide during the first quarter valued at approximately $91,989,000. GAMMA Investing LLC grew its stake in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after acquiring an additional 814,057 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $66,962,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

OTIS stock traded up $0.50 on Friday, reaching $87.00. 3,034,869 shares of the company traded hands, compared to its average volume of 3,302,948. The company has a market cap of $34.14 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 4.19 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The firm has a fifty day simple moving average of $91.50 and a 200-day simple moving average of $95.60.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share 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 business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period last year, the business earned $1.06 EPS. Otis Worldwide's 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. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

Analysts Set New Price Targets

A number of research firms have commented on OTIS. Royal Bank Of Canada cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Finally, Wells Fargo & Company dropped 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. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.