Quintet Private Bank Europe S.A. Sells 28,214 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Quintet Private Bank Europe S.A. reduced its stake in Otis Worldwide Corporation by 9.7%, selling 28,214 shares, which now accounts for about 1.5% of its total holdings.
• Recent analyst reports have resulted in varied ratings for Otis Worldwide, with a consensus rating of "Hold" and a price target around $102.50.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, representing an annualized yield of 1.9% and a payout ratio of 44.44%.

Quintet Private Bank Europe S.A. lowered its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 9.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 261,722 shares of the company's stock after selling 28,214 shares during the period. Otis Worldwide accounts for about 1.5% of Quintet Private Bank Europe S.A.'s holdings, making the stock its 23rd biggest position. Quintet Private Bank Europe S.A. owned approximately 0.07% of Otis Worldwide worth $25,916,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. AG2R LA Mondiale Gestion D Actifs bought a new position in Otis Worldwide in the first quarter worth approximately $1,528,000. Swedbank AB boosted its holdings in Otis Worldwide by 2.3% in the first quarter. Swedbank AB now owns 225,142 shares of the company's stock worth $23,235,000 after acquiring an additional 5,023 shares in the last quarter. Silicon Valley Capital Partners bought a new position in Otis Worldwide in the first quarter worth approximately $232,000. Acadian Asset Management LLC boosted its holdings in Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after acquiring an additional 1,574 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Otis Worldwide by 26.2% in the first quarter. Geneos Wealth Management Inc. now owns 1,514 shares of the company's stock worth $156,000 after acquiring an additional 314 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Morgan Stanley raised their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Two research 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's stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Trading Down 0.3%

OTIS stock opened at $89.12 on Monday. The company's 50 day moving average is $90.36 and its 200 day moving average is $95.21. The stock has a market cap of $34.98 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 4.28 and a beta of 0.98. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping 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 analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company earned $1.06 EPS. 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. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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