Prudential PLC Sells 6,359 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Prudential PLC significantly reduced its holdings in Otis Worldwide Corporation by 47.2%, selling 6,359 shares, leaving them with a total of 7,109 shares valued at approximately $734,000.
• Otis Worldwide has announced a quarterly dividend of $0.42 per share, boasting an annualized yield of 1.9% and a payout ratio of 44.44%.
• The company reported a slight decrease in revenue, with $3.60 billion for the latest quarter, down from the previous year, though earnings per share of $1.05 exceeded estimates by $0.02.

Prudential PLC lowered its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 47.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 7,109 shares of the company's stock after selling 6,359 shares during the quarter. Prudential PLC's holdings in Otis Worldwide were worth $734,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Simon Quick Advisors LLC purchased a new stake in Otis Worldwide in the 1st quarter worth about $443,000. SG Americas Securities LLC purchased a new stake in Otis Worldwide in the 1st quarter worth about $2,533,000. Quintet Private Bank Europe S.A. increased its holdings in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after acquiring an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after acquiring an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new position in Otis Worldwide during the 1st quarter valued at about $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent analyst reports. Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Barclays reduced their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.5220 during mid-day trading on Wednesday, reaching $89.1120. The stock had a trading volume of 3,420,125 shares, compared to its average volume of 2,774,616. The firm has a 50 day moving average price of $93.88 and a two-hundred day moving average price of $96.43. The stock has a market capitalization of $34.97 billion, a P/E ratio of 23.58, a P/E/G ratio of 4.21 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

About Otis Worldwide

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.