Otis Worldwide Corporation $OTIS Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,871 shares of the company’s stock after selling 351 shares during the quarter. Hartford Investment Management Co.’s holdings in Otis Worldwide were worth $2,364,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after acquiring an additional 1,591,450 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. raised its holdings in shares of Otis Worldwide by 13.3% in the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after acquiring an additional 543,933 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Otis Worldwide by 4.7% in the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock worth $437,424,000 after acquiring an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Otis Worldwide by 16.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after acquiring an additional 571,489 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 1.0%

OTIS stock opened at $90.33 on Friday. The stock has a 50-day moving average price of $88.29 and a two-hundred day moving average price of $94.42. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The company has a market cap of $35.45 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 4.35 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the business earned $1.06 earnings per share. The firm’s quarterly revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given 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, August 15th. Otis Worldwide’s payout ratio is 44.44%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OTIS. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. Royal Bank Of Canada lowered their price objective 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. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, September 18th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average 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.