Cooper Financial Group Trims Stock Position in Otis Worldwide Corporation $OTIS

Cooper Financial Group lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,157 shares of the company’s stock after selling 122 shares during the quarter. Cooper Financial Group’s holdings in Otis Worldwide were worth $709,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Simon Quick Advisors LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $443,000. SG Americas Securities LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. raised its position in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company’s stock valued at $29,921,000 after purchasing an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock valued at $45,294,000 after purchasing an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at $225,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $92.36 on Thursday. The stock has a market capitalization of $36.25 billion, a P/E ratio of 24.43, a P/E/G ratio of 4.40 and a beta of 1.00. The company’s fifty day moving average is $88.03 and its two-hundred day moving average is $94.29. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results 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. The business 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%. The business’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the company posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given 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 is presently 44.44%.

Analyst Ratings Changes

Several research firms recently commented on OTIS. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, September 18th. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Zacks Research downgraded shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a research report on Monday, September 15th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a research report on Thursday, July 24th. Finally, Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $103.00.

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.