Otis Worldwide Corporation $OTIS Shares Sold by DNB Asset Management AS

DNB Asset Management AS reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 146,987 shares of the company’s stock after selling 8,474 shares during the quarter. DNB Asset Management AS’s holdings in Otis Worldwide were worth $14,555,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Berkshire Money Management Inc. raised its position in shares of 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 buying an additional 100 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Otis Worldwide by 0.8% during the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after acquiring an additional 104 shares during the period. PFG Investments LLC raised its holdings in Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after purchasing an additional 121 shares in the last quarter. PKS Advisory Services LLC lifted its position in Otis Worldwide by 4.9% in the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after purchasing an additional 121 shares during the period. Finally, 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 valued at $234,000 after purchasing an additional 122 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on OTIS shares. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. JPMorgan Chase & Co. lifted their target price 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 reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Wednesday. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.71.

Otis Worldwide Trading Up 1.3%

Shares of OTIS opened at $88.02 on Friday. The business’s 50-day moving average price is $90.48 and its 200 day moving average price is $92.36. The stock has a market capitalization of $34.30 billion, a P/E ratio of 25.96, a P/E/G ratio of 3.31 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $3.69 billion during 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%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be given a dividend of $0.42 per share. 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 presently 49.56%.

Insiders Place Their Bets

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

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.