Otis Worldwide Corporation $OTIS Position Reduced by OLD National Bancorp IN

OLD National Bancorp IN cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 21.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,127 shares of the company’s stock after selling 597 shares during the period. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $211,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of OTIS. NBC Securities Inc. purchased a new stake in Otis Worldwide during the first quarter valued at about $25,000. Miracle Mile Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $281,000. Courier Capital LLC increased its holdings in shares of Otis Worldwide by 6.2% in the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company’s stock valued at $265,000 after purchasing an additional 150 shares during the period. Daymark Wealth Partners LLC increased its holdings in shares of Otis Worldwide by 10.0% in the 1st quarter. Daymark Wealth Partners LLC now owns 8,674 shares of the company’s stock valued at $895,000 after purchasing an additional 788 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in shares of Otis Worldwide by 106.3% in the 1st quarter. Farther Finance Advisors LLC now owns 2,845 shares of the company’s stock valued at $296,000 after purchasing an additional 1,466 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $91.26 on Thursday. The stock’s 50 day moving average price is $88.34 and its 200 day moving average price is $93.92. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company has a market capitalization of $35.82 billion, a P/E ratio of 24.14, a P/E/G ratio of 3.54 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS 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 firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the company posted $1.06 earnings per share. The firm’s revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio (DPR) is 44.44%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. Zacks Research downgraded Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, September 18th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company upped their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Morgan Stanley upped their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.88.

Otis Worldwide 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.