Otis Worldwide Corporation $OTIS Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC trimmed its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,497 shares of the company’s stock after selling 225 shares during the period. DAVENPORT & Co LLC’s holdings in Otis Worldwide were worth $1,237,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Flaharty Asset Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth approximately $38,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $45,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday. Royal Bank Of Canada cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Morgan Stanley lifted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, July 24th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $103.88.

Otis Worldwide Stock Performance

OTIS stock opened at $89.46 on Friday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a 50 day moving average price of $88.52 and a two-hundred day moving average price of $93.76. The stock has a market capitalization of $35.11 billion, a P/E ratio of 23.67, a PEG ratio of 3.52 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 (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the previous year, the company earned $1.06 EPS. The business’s quarterly revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.