Otis Worldwide Corporation $OTIS Shares Sold by TIAA Trust National Association

TIAA Trust National Association lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 6.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 13,120 shares of the company’s stock after selling 892 shares during the period. TIAA Trust National Association’s holdings in Otis Worldwide were worth $1,299,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Berkshire Money Management Inc. boosted its stake in Otis Worldwide by 5.0% during the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after purchasing an additional 100 shares during the last quarter. Park Avenue Securities LLC boosted its stake in Otis Worldwide by 0.8% during the 2nd quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock worth $1,374,000 after purchasing an additional 104 shares during the last quarter. PFG Investments LLC boosted its stake in Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after purchasing an additional 121 shares during the last quarter. MSH Capital Advisors LLC boosted its stake in Otis Worldwide by 5.4% during the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock worth $234,000 after purchasing an additional 122 shares during the last quarter. Finally, Bennett Selby Investments LP boosted its stake in Otis Worldwide by 6.0% during the 2nd quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock worth $228,000 after purchasing an additional 130 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.5%

Shares of OTIS opened at $90.62 on Wednesday. The firm has a market cap of $35.32 billion, a P/E ratio of 26.73, a price-to-earnings-growth ratio of 3.44 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The company’s 50-day moving average price is $89.91 and its 200 day moving average price is $92.88.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm 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%. Otis Worldwide’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OTIS. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Finally, Royal Bank Of Canada reduced their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $104.88.

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.