US Bancorp DE Cuts Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• US Bancorp DE has reduced its stake in Otis Worldwide Corporation by 5.2%, now holding nearly 180,000 shares valued at approximately $17.8 million.
• Multiple institutional investors have acquired new stakes in Otis Worldwide, indicating a growing interest among hedge funds, which now own over 88% of the company's stock.
• Analysts have issued target price increases for Otis Worldwide, with current ratings reflecting a consensus of "Hold" and an average price target of $103.88.

US Bancorp DE lessened its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 179,995 shares of the company's stock after selling 9,916 shares during the quarter. US Bancorp DE's holdings in Otis Worldwide were worth $17,823,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds 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 $25,000. Wayfinding Financial LLC purchased a new stake in Otis Worldwide in the 1st quarter worth $31,000. Cheviot Value Management LLC purchased a new stake in Otis Worldwide in the 1st quarter worth $31,000. Flaharty Asset Management LLC purchased a new stake in Otis Worldwide in the 1st quarter worth $38,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Otis Worldwide during the second quarter worth $45,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an "equal weight" rating in a report on Monday, October 6th. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $103.88.

Otis Worldwide Price Performance

NYSE OTIS opened at $89.46 on Friday. The firm's 50-day moving average is $88.52 and its two-hundred day moving average is $93.76. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a market capitalization of $35.11 billion, a P/E ratio of 23.67, a PEG ratio of 3.52 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating 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 company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the prior year, the company posted $1.06 earnings per share. Otis Worldwide's revenue for the quarter 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, analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a $0.42 dividend. 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 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.

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