Equitable Trust Co. Sells 17,648 Shares of Otis Worldwide Corporation $OTIS

Equitable Trust Co. lowered its position in Otis Worldwide Corporation (NYSE:OTIS) by 9.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 165,134 shares of the company’s stock after selling 17,648 shares during the period. Equitable Trust Co.’s holdings in Otis Worldwide were worth $16,352,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Berkshire Money Management Inc. grew its holdings in Otis Worldwide by 5.0% during the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after acquiring an additional 100 shares during the period. Park Avenue Securities LLC grew its holdings in Otis Worldwide by 0.8% during the 2nd quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock worth $1,374,000 after acquiring an additional 104 shares during the period. PFG Investments LLC boosted its position in shares of Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after purchasing an additional 121 shares in the last quarter. MSH Capital Advisors LLC boosted its position in shares of Otis Worldwide by 5.4% during the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock valued at $234,000 after purchasing an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP boosted its position in shares of Otis Worldwide by 6.0% during the 2nd quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock valued at $228,000 after purchasing an additional 130 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.3%

OTIS stock opened at $89.22 on Tuesday. 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 $35.02 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 3.51 and a beta of 1.00. The business has a 50 day moving average of $88.59 and a 200 day moving average of $93.54.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio is 44.44%.

Analyst Ratings Changes

A number of equities research analysts have commented on OTIS shares. Zacks Research cut shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 target price for the company. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $103.88.

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.