PNC Financial Services Group Inc. Sells 19,047 Shares of Otis Worldwide Corporation $OTIS

PNC Financial Services Group Inc. decreased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 393,319 shares of the company’s stock after selling 19,047 shares during the quarter. PNC Financial Services Group Inc. owned 0.10% of Otis Worldwide worth $38,946,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at approximately $31,000. Cheviot Value Management LLC bought a new stake in Otis Worldwide in the first quarter valued at approximately $31,000. Flaharty Asset Management LLC acquired a new stake in Otis Worldwide in the first quarter worth $38,000. Toth Financial Advisory Corp bought a new position in shares of Otis Worldwide during the second quarter worth $45,000. Finally, Ransom Advisory Ltd acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $48,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on OTIS shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $103.71.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $90.61 on Friday. The stock’s 50-day simple moving average is $90.52 and its 200 day simple moving average is $92.71. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The company has a market cap of $35.31 billion, a P/E ratio of 26.73, a P/E/G ratio of 3.47 and a beta of 1.00.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is 49.56%.

Insider Buying and Selling at Otis Worldwide

In other 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 sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by corporate insiders.

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.