Otis Worldwide Corporation $OTIS Stock: Welch & Forbes LLC Trims Holdings

Key Points

• Welch & Forbes cut its Otis Worldwide stake by 8.3% in the third quarter, selling 19,691 shares; it still held 218,375 shares valued at about $14.0 million.
• Other institutional investors made mixed moves, while hedge funds and institutions collectively owned 88.03% of Otis shares.
• Otis beat quarterly earnings and revenue estimates, with revenue up 6.1% year over year. Analysts’ consensus rating was “Hold,” with an average price target of $91.20; the company also announced a $0.44 quarterly dividend.

Welch & Forbes LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 218,375 shares of the company's stock after selling 19,691 shares during the period. Welch & Forbes LLC owned 0.06% of Otis Worldwide worth $14,046,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fulcrum Asset Management LLP acquired a new position in shares of Otis Worldwide during the third quarter valued at approximately $542,000. Allspring Global Investments Holdings LLC lifted its position in shares of Otis Worldwide by 16.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 18,700 shares of the company's stock valued at $1,206,000 after acquiring an additional 2,598 shares in the last quarter. StoneRidge PMG Advisors LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth approximately $486,000. Hohimer Wealth Management LLC boosted its stake in shares of Otis Worldwide by 116.8% in the third quarter. Hohimer Wealth Management LLC now owns 65,598 shares of the company's stock worth $4,219,000 after acquiring an additional 35,336 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. boosted its stake in shares of Otis Worldwide by 65.3% in the third quarter. University of Texas Texas AM Investment Management Co. now owns 686 shares of the company's stock worth $44,000 after acquiring an additional 271 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS stock opened at $78.85 on Tuesday. The business has a 50 day simple moving average of $70.51 and a 200-day simple moving average of $76.11. The firm has a market capitalization of $30.02 billion, a PE ratio of 19.61, a price-to-earnings-growth ratio of 2.89 and a beta of 0.87. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion during the quarter, compared to analysts' expectations of $3.85 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The business's revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, November 13th. Otis Worldwide's dividend payout ratio is presently 43.78%.

Insider Activity

In other Otis Worldwide news, insider Joseph Armas sold 835 shares of the firm's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the sale, the insider directly owned 2,155 shares of the company's stock, valued at $167,529.70. This trade represents a 27.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OTIS. Sanford C. Bernstein increased their price objective on Otis Worldwide from $90.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday, October 29th. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an "underweight" rating for the company in a report on Thursday, October 29th. Evercore reissued an "outperform" rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of "Hold" and a consensus target price of $91.20.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.

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