Sheets Smith Wealth Management Trims Holdings in Otis Worldwide Corporation $OTIS

Sheets Smith Wealth Management lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 38.1% in the third quarter, Holdings Channel reports. The institutional investor owned 34,775 shares of the company’s stock after selling 21,387 shares during the quarter. Sheets Smith Wealth Management’s holdings in Otis Worldwide were worth $3,180,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in OTIS. Avanza Fonder AB boosted its stake in Otis Worldwide by 17.2% during the 3rd quarter. Avanza Fonder AB now owns 40,709 shares of the company’s stock valued at $3,722,000 after acquiring an additional 5,981 shares during the last quarter. CWM LLC raised its stake in shares of Otis Worldwide by 244.2% in the 3rd quarter. CWM LLC now owns 83,870 shares of the company’s stock valued at $7,668,000 after purchasing an additional 59,501 shares in the last quarter. Canoe Financial LP lifted its position in shares of Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares during the last quarter. BSW Wealth Partners lifted its position in shares of Otis Worldwide by 28.2% during the third quarter. BSW Wealth Partners now owns 4,105 shares of the company’s stock worth $375,000 after purchasing an additional 903 shares during the last quarter. Finally, Tritonpoint Wealth LLC grew its stake in Otis Worldwide by 15.0% in the third quarter. Tritonpoint Wealth LLC now owns 3,504 shares of the company’s stock worth $320,000 after purchasing an additional 458 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on OTIS shares. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. BNP Paribas raised Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. Barclays raised their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Price Performance

Shares of OTIS opened at $87.90 on Friday. The company has a market cap of $34.26 billion, a P/E ratio of 25.93, a PEG ratio of 3.35 and a beta of 1.01. The stock has a fifty day moving average price of $89.22 and a 200 day moving average price of $90.87. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.