Optas LLC Cuts Stake in Otis Worldwide Corporation $OTIS

Optas LLC reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 15.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,912 shares of the company’s stock after selling 1,047 shares during the quarter. Optas LLC’s holdings in Otis Worldwide were worth $585,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Shell Asset Management Co. grew its holdings in shares of Otis Worldwide by 121.7% during the second quarter. Shell Asset Management Co. now owns 19,370 shares of the company’s stock valued at $1,918,000 after buying an additional 10,633 shares during the last quarter. Roundview Capital LLC grew its holdings in shares of Otis Worldwide by 2.2% during the second quarter. Roundview Capital LLC now owns 29,996 shares of the company’s stock valued at $2,970,000 after buying an additional 638 shares during the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of Otis Worldwide by 0.5% during the second quarter. KLP Kapitalforvaltning AS now owns 225,342 shares of the company’s stock valued at $22,313,000 after buying an additional 1,100 shares during the last quarter. Berkshire Money Management Inc. grew its holdings in shares of Otis Worldwide by 5.0% during the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after buying an additional 100 shares during the last quarter. Finally, Carolina Wealth Advisors LLC lifted its position in Otis Worldwide by 31.9% during the second quarter. Carolina Wealth Advisors LLC now owns 11,666 shares of the company’s stock valued at $1,155,000 after purchasing an additional 2,820 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OTIS. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday. Royal Bank Of Canada decreased their price objective 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective for the company. Finally, Zacks Research downgraded shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a research report on Monday, September 15th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $103.88.

Otis Worldwide Stock Up 1.0%

OTIS stock opened at $91.26 on Thursday. The stock has a market capitalization of $35.82 billion, a P/E ratio of 24.14, a P/E/G ratio of 3.54 and a beta of 1.00. The firm has a 50-day simple moving average of $88.34 and a 200-day simple moving average of $93.92. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the previous year, the company earned $1.06 earnings per share. The company’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. On average, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current 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 paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend 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 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.