Janney Montgomery Scott LLC Trims Stock Holdings in Otis Worldwide Corporation $OTIS

Janney Montgomery Scott LLC trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 11.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,319 shares of the company’s stock after selling 6,188 shares during the period. Janney Montgomery Scott LLC’s holdings in Otis Worldwide were worth $4,686,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in OTIS. JPMorgan Chase & Co. grew its position in 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 in the last quarter. Vanguard Group Inc. raised its stake in shares of Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the last quarter. Nuveen LLC bought a new position in shares of Otis Worldwide during the first quarter valued at about $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in 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 buying an additional 571,489 shares in the last quarter. Finally, PineStone Asset Management Inc. raised its stake in 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 buying an additional 543,933 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

OTIS opened at $90.36 on Wednesday. The company has a fifty day moving average of $88.25 and a two-hundred day moving average of $93.94. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock has a market capitalization of $35.47 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 3.56 and a beta of 1.00.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s payout ratio is presently 44.44%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of analyst reports. Zacks Research cut shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a research note on Thursday, September 18th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 price target on the stock. Finally, Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.25.

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.