Otis Worldwide Corporation $OTIS Stock: Welch & Forbes LLC Cuts Holdings

Welch & Forbes LLC lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 8.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 218,375 shares of the company’s stock after selling 19,691 shares during the period. Welch & Forbes LLC’s holdings in Otis Worldwide were worth $14,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Orion Capital Management LLC purchased a new position in Otis Worldwide in the second quarter worth approximately $27,000. MidFirst Bank purchased a new stake in Otis Worldwide in the second quarter valued at $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Otis Worldwide in the second quarter valued at $28,000. Elevation Wealth Partners LLC raised its position in Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after purchasing an additional 382 shares during the period. Finally, Addison Advisors LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research note on Monday, August 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Sanford C. Bernstein boosted their price objective on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. Finally, Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $91.20.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $78.85 on Tuesday. Otis Worldwide Corporation has a fifty-two week low of $63.58 and a fifty-two week high of $94.57. The company has a 50 day moving average price of $70.51 and a 200 day moving average price of $76.11. The stock has a market capitalization of $30.02 billion, a P/E ratio of 19.61, a PEG ratio of 2.89 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The company had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the previous year, the company earned $1.05 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s payout ratio is presently 43.78%.

Insider Buying and Selling at Otis Worldwide

In related news, insider Joseph Armas sold 835 shares of the business’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the sale, the insider owned 2,155 shares in the company, valued at approximately $167,529.70. The trade was a 27.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.