UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 59,599 Shares of Otis Worldwide Corporation $OTIS

Key Points

• UBS AM reduced its holdings in Otis Worldwide Corporation by 1.7%, selling 59,599 shares and retaining 3,543,128 shares, which represented about 0.90% of the company worth approximately $365.7 million.
• Otis Worldwide's recent earnings report showed $1.05 earnings per share, exceeding analysts' expectations of $1.03, despite a revenue decline of 0.2% year-over-year.
• The company announced a quarterly dividend of $0.42 per share, which reflects an annualized yield of 1.9% with a payout ratio of 44.44%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 3,543,128 shares of the company's stock after selling 59,599 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.90% of Otis Worldwide worth $365,651,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after acquiring an additional 110 shares during the last quarter. Graypoint LLC boosted its position in shares of Otis Worldwide by 3.4% during the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after acquiring an additional 147 shares during the last quarter. Courier Capital LLC boosted its position in shares of Otis Worldwide by 6.2% during the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company's stock valued at $265,000 after acquiring an additional 150 shares during the last quarter. Venture Visionary Partners LLC boosted its position in shares of Otis Worldwide by 0.7% during the 1st quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock valued at $2,297,000 after acquiring an additional 155 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in shares of Otis Worldwide by 16.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company's stock valued at $113,000 after acquiring an additional 158 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.4%

OTIS stock opened at $87.64 on Thursday. The business's fifty day simple moving average is $90.77 and its two-hundred day simple moving average is $95.39. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a market cap of $34.39 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 4.23 and a beta of 0.98.

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. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter last year, the firm posted $1.06 earnings per share. 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. Research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a $0.42 dividend. The ex-dividend date 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 (DPR) is presently 44.44%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Wells Fargo & Company decreased their price target 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. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Finally, Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Two equities 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 stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price 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.

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