Rafferty Asset Management LLC Trims Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Rafferty Asset Management LLC reduced its stake in Otis Worldwide Corporation by 20.6%, leaving it with 29,611 shares valued at approximately $3.06 million.
• Other institutional investors, including JPMorgan Chase & Co. and Vanguard Group Inc., increased their stakes in Otis Worldwide, indicating strong interest in the company.
• Analysts have mixed ratings on Otis Worldwide, with two analysts recommending a Buy rating and a consensus target price of $102.50 per share.

Rafferty Asset Management LLC cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 20.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,611 shares of the company's stock after selling 7,703 shares during the quarter. Rafferty Asset Management LLC's holdings in Otis Worldwide were worth $3,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. ICONIQ Capital LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter valued at $206,000. Quantitative Investment Management LLC purchased a new stake in Otis Worldwide during the first quarter valued at about $1,584,000. Northwestern Mutual Wealth Management Co. lifted its stake in Otis Worldwide by 21.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 35,191 shares of the company's stock worth $3,632,000 after purchasing an additional 6,326 shares during the last quarter. Groupe la Francaise boosted its holdings in shares of Otis Worldwide by 14.2% in the 1st quarter. Groupe la Francaise now owns 43,418 shares of the company's stock worth $4,472,000 after purchasing an additional 5,391 shares in the last quarter. Finally, AlphaQuest LLC lifted its position in Otis Worldwide by 253.5% in the 1st quarter. AlphaQuest LLC now owns 33,007 shares of the company's stock worth $3,406,000 after buying an additional 23,669 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Morgan Stanley lifted 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 note on Tuesday, July 8th. Wells Fargo & Company lowered their price objective on 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. Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Finally, Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Performance

Shares of OTIS traded down $0.45 during mid-day trading on Wednesday, hitting $85.32. 961,259 shares of the stock were exchanged, compared to its average volume of 2,818,396. The company has a market cap of $33.49 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 4.16 and a beta of 0.98. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a 50-day moving average of $92.16 and a two-hundred day moving average of $95.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the business posted $1.06 earnings per share. Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. Otis Worldwide's payout ratio is currently 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.