Otis Worldwide Corporation $OTIS Shares Sold by Westhampton Capital LLC

Westhampton Capital LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,225 shares of the company’s stock after selling 162 shares during the quarter. Westhampton Capital LLC’s holdings in Otis Worldwide were worth $616,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. NBC Securities Inc. purchased a new position in Otis Worldwide during the 1st quarter worth $25,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Cheviot Value Management LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Flaharty Asset Management LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $38,000. Finally, Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS opened at $91.28 on Tuesday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The company has a market cap of $35.82 billion, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 4.35 and a beta of 0.98. The firm has a fifty day moving average of $88.15 and a 200-day moving average of $94.32.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the previous year, the business earned $1.06 earnings per share. The company’s revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s payout ratio is currently 44.44%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several analyst reports. Barclays decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Thursday, July 24th. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, September 18th. Wolfe Research raised shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research report on Friday, July 25th. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target on the stock. Two investment 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.00.

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.