Otis Worldwide Corporation $OTIS Position Trimmed by OLD National Bancorp IN

OLD National Bancorp IN lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 21.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,127 shares of the company’s stock after selling 597 shares during the period. OLD National Bancorp IN’s holdings in Otis Worldwide were worth $211,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. NBC Securities Inc. bought a new position in shares of Otis Worldwide during the first quarter worth about $25,000. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide during the first quarter worth about $31,000. Cheviot Value Management LLC bought a new position in shares of Otis Worldwide during the first quarter worth about $31,000. Flaharty Asset Management LLC bought a new position in shares of Otis Worldwide during the first quarter worth about $38,000. Finally, Toth Financial Advisory Corp bought a new position in shares of Otis Worldwide during the second quarter worth about $45,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.0%

Shares of NYSE OTIS opened at $91.26 on Thursday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a market capitalization of $35.82 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 3.54 and a beta of 1.00. The firm has a 50-day moving average of $88.34 and a two-hundred day moving average of $93.92.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the prior year, the company earned $1.06 EPS. Otis Worldwide’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 predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s dividend payout ratio is presently 44.44%.

Analyst Ratings Changes

OTIS has been the subject of several recent research reports. Zacks Research lowered shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a research report on Monday, September 15th. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada decreased 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. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, September 18th. Finally, Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide 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.