V Square Quantitative Management LLC Cuts Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• V Square Quantitative Management LLC reduced its stake in Otis Worldwide Corporation by 44.4%, decreasing its holdings to 4,846 shares valued at $480,000.
• Analyst ratings are mixed for Otis Worldwide, with the average rating being "Hold" and a consensus target price of $103.00, while several firms adjusted their price targets recently.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, representing a 1.8% yield and a payout ratio of 44.44%.

V Square Quantitative Management LLC decreased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 44.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,846 shares of the company's stock after selling 3,872 shares during the period. V Square Quantitative Management LLC's holdings in Otis Worldwide were worth $480,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of OTIS. Park Avenue Securities LLC boosted its position in Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company's stock worth $1,374,000 after purchasing an additional 104 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its position in Otis Worldwide by 15.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after purchasing an additional 110 shares during the last quarter. Graypoint LLC boosted its position in Otis Worldwide by 3.4% in the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after purchasing an additional 147 shares during the last quarter. Courier Capital LLC boosted its position in Otis Worldwide by 6.2% in the first quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after purchasing an additional 150 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in Otis Worldwide by 5.3% in the second quarter. Farther Finance Advisors LLC now owns 2,996 shares of the company's stock worth $297,000 after purchasing an additional 151 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on OTIS shares. Morgan Stanley boosted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company cut their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Zacks Research cut Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Finally, JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $91.45 on Wednesday. The business's fifty day moving average is $87.96 and its 200 day moving average is $94.30. The firm has a market cap of $35.89 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 4.39 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.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (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 analysts' expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm's quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a dividend of $0.42 per share. 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 1.8%. Otis Worldwide's dividend payout ratio is 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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.