Otis Worldwide Corporation $OTIS Shares Sold by Mountain Pacific Investment Advisers LLC

Mountain Pacific Investment Advisers LLC cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 8.7% during the second quarter, HoldingsChannel.com reports. The firm owned 2,455 shares of the company’s stock after selling 235 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in Otis Worldwide were worth $243,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OTIS. NBC Securities Inc. purchased a new position in Otis Worldwide in the first quarter valued at about $25,000. Wayfinding Financial LLC purchased a new position in Otis Worldwide in the 1st quarter valued at approximately $31,000. Cheviot Value Management LLC purchased a new position in Otis Worldwide in the 1st quarter valued at approximately $31,000. Flaharty Asset Management LLC acquired a new position in Otis Worldwide during the first quarter worth $38,000. Finally, Toth Financial Advisory Corp purchased a new stake in Otis Worldwide during the second quarter worth $45,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Wolfe Research upgraded Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research report on Friday, July 25th. Zacks Research cut shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a research note on Monday, September 15th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a “hold” rating and a $109.00 target price for the company. Finally, Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $103.00.

Otis Worldwide Trading Up 1.0%

Shares of OTIS stock opened at $92.36 on Thursday. The company has a market capitalization of $36.25 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 4.40 and a beta of 1.00. The firm has a 50-day moving average price of $88.03 and a 200 day moving average price of $94.29. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same period 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. As a group, research 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 declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders 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 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s dividend payout ratio is currently 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.