Chevy Chase Trust Holdings LLC Raises Stock Holdings in Otis Worldwide Corporation $OTIS

Chevy Chase Trust Holdings LLC raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 0.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 209,869 shares of the company’s stock after buying an additional 489 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Otis Worldwide were worth $20,781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arista Wealth Management LLC purchased a new stake in Otis Worldwide in the second quarter valued at approximately $372,000. Stratos Wealth Partners LTD. lifted its stake in Otis Worldwide by 4.5% in the second quarter. Stratos Wealth Partners LTD. now owns 6,347 shares of the company’s stock valued at $629,000 after buying an additional 271 shares during the last quarter. Angeles Wealth Management LLC purchased a new stake in Otis Worldwide in the second quarter valued at approximately $219,000. Oxbow Advisors LLC purchased a new stake in Otis Worldwide in the second quarter valued at approximately $3,023,000. Finally, Nordea Investment Management AB lifted its stake in Otis Worldwide by 3.7% in the second quarter. Nordea Investment Management AB now owns 64,207 shares of the company’s stock valued at $6,289,000 after buying an additional 2,294 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research reports. Royal Bank Of Canada reduced their price objective 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 target price on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Finally, 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. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $104.63.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $91.39 on Friday. The business’s fifty day moving average price is $88.92 and its 200 day moving average price is $93.26. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm has a market capitalization of $35.87 billion, a PE ratio of 24.18, a P/E/G ratio of 3.58 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share 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 analyst estimates of $3.73 billion. During the same quarter in the prior year, the company posted $1.06 earnings per share. Otis Worldwide’s quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm 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. This represents a $1.68 dividend on an annualized basis and a 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 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.