Mather Group LLC. Lowers Position in Otis Worldwide Corporation $OTIS

Mather Group LLC. cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 12.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,470 shares of the company’s stock after selling 499 shares during the quarter. Mather Group LLC.’s holdings in Otis Worldwide were worth $344,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. raised its holdings in Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. Nuveen LLC bought a new stake in Otis Worldwide during the first quarter valued at about $91,989,000. GAMMA Investing LLC raised its holdings in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock valued at $84,701,000 after acquiring an additional 814,057 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after acquiring an additional 571,489 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS opened at $90.33 on Friday. The firm has a market capitalization of $35.45 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company’s fifty day moving average price is $88.29 and its 200-day moving average price is $94.46.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 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 for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The firm’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. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OTIS. Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Royal Bank Of Canada dropped their target price 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 dropped their target price on 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. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a report on Thursday, September 18th. Finally, Zacks Research lowered Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.