Royal Bank of Canada Sells 220,975 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Royal Bank of Canada reduced its stake in Otis Worldwide Corporation by 25.1%, selling 220,975 shares, and now holds 658,275 shares valued at approximately $67.9 million.
• Otis Worldwide's most recent earnings report showed an EPS of $1.05, beating expectations, but with a slight revenue decline year-over-year.
• The company announced a quarterly dividend of $0.42 per share, reflecting a yield of 1.9%, with the ex-dividend date set for August 15th.

Royal Bank of Canada reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 25.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 658,275 shares of the company's stock after selling 220,975 shares during the quarter. Royal Bank of Canada owned about 0.17% of Otis Worldwide worth $67,935,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. NBC Securities Inc. acquired a new position in Otis Worldwide during the first quarter valued at approximately $25,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide in the first quarter worth $31,000. Cheviot Value Management LLC bought a new position in shares of Otis Worldwide during the first quarter worth $31,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $35,000. Finally, Abound Wealth Management increased its position in shares of Otis Worldwide by 715.3% in the 1st quarter. Abound Wealth Management now owns 587 shares of the company's stock valued at $61,000 after buying an additional 515 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

NYSE:OTIS traded down $0.38 during trading hours on Wednesday, reaching $87.64. 2,483,865 shares of the stock were exchanged, compared to its average volume of 3,170,141. The stock has a market cap of $34.39 billion, a PE ratio of 23.18, a PEG ratio of 4.23 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a 50 day moving average of $90.77 and a 200 day moving average of $95.39.

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

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Royal Bank Of Canada cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Finally, Morgan Stanley upped their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $102.50.

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.