Otis Worldwide Corporation $OTIS Stake Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,797,485 shares of the company’s stock after selling 155,532 shares during the period. Bank of New York Mellon Corp’s holdings in Otis Worldwide were worth $277,007,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mutual Advisors LLC lifted its position in shares of Otis Worldwide by 15.3% in the 1st quarter. Mutual Advisors LLC now owns 5,002 shares of the company’s stock valued at $516,000 after acquiring an additional 663 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Otis Worldwide during the 1st quarter valued at $31,000. Concurrent Investment Advisors LLC lifted its holdings in shares of Otis Worldwide by 80.8% in the first quarter. Concurrent Investment Advisors LLC now owns 6,581 shares of the company’s stock valued at $679,000 after purchasing an additional 2,942 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of Otis Worldwide by 258.6% in the first quarter. Penserra Capital Management LLC now owns 10,350 shares of the company’s stock worth $1,067,000 after buying an additional 7,464 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in shares of Otis Worldwide by 3.0% in the first quarter. TD Private Client Wealth LLC now owns 7,614 shares of the company’s stock worth $786,000 after buying an additional 220 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Barclays raised their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Finally, Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $104.88.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $90.62 on Wednesday. The stock has a market capitalization of $35.32 billion, a P/E ratio of 26.73, a P/E/G ratio of 3.44 and a beta of 1.00. The business has a 50-day moving average of $89.91 and a two-hundred day moving average of $92.88. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s payout ratio is currently 49.56%.

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.