The Manufacturers Life Insurance Company Sells 25,547 Shares of Otis Worldwide Corporation $OTIS

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Otis Worldwide Corporation by 10.0%, selling 25,547 shares and retaining 229,913 shares worth approximately $23.73 million.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, with a 2.0% dividend yield and a payout ratio of 44.44%.
• Analysts have adjusted price targets for Otis Worldwide, with a consensus target set at $102.50 and varying ratings from "Buy" to "Underweight" among different brokerages.

The Manufacturers Life Insurance Company lessened its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 229,913 shares of the company's stock after selling 25,547 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Otis Worldwide worth $23,726,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in Otis Worldwide in the 1st quarter worth approximately $25,000. Wayfinding Financial LLC purchased a new stake in Otis Worldwide in the 1st quarter worth approximately $31,000. Cheviot Value Management LLC purchased a new stake in Otis Worldwide in the 1st quarter worth approximately $31,000. Orion Capital Management LLC purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $35,000. Finally, Curat Global LLC purchased a new stake in Otis Worldwide in the 1st quarter worth approximately $61,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 0.6%

NYSE OTIS traded up $0.50 during midday trading on Friday, hitting $87.00. The company had a trading volume of 3,034,869 shares, compared to its average volume of 3,302,948. The firm has a fifty day simple moving average of $91.50 and a two-hundred day simple moving average of $95.60. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock has a market cap of $34.14 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 4.19 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) 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 the consensus estimate of $3.73 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. The business's 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, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on OTIS shares. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Finally, Morgan Stanley increased their price target 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. Two equities research 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. Based on data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Company 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.