Otis Worldwide Corporation $OTIS Shares Sold by Bank Julius Baer & Co. Ltd Zurich

Bank Julius Baer & Co. Ltd Zurich lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 17.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 61,025 shares of the company’s stock after selling 13,010 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Otis Worldwide were worth $6,202,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cheviot Value Management LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at $31,000. Chilton Capital Management LLC purchased a new position in Otis Worldwide during the 2nd quarter valued at about $31,000. Flaharty Asset Management LLC acquired a new position in Otis Worldwide in the 1st quarter valued at about $38,000. MTM Investment Management LLC acquired a new position in Otis Worldwide in the 2nd quarter valued at about $40,000. Finally, Toth Financial Advisory Corp purchased a new stake in Otis Worldwide during the second quarter worth about $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Barclays increased 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. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Wells Fargo & Company increased their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $103.71.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.3%

Shares of OTIS opened at $88.02 on Friday. The firm has a market capitalization of $34.30 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 3.31 and a beta of 1.00. The firm’s fifty day simple moving average is $90.48 and its 200-day simple moving average is $92.36. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

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

Otis Worldwide Dividend Announcement

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

Otis Worldwide Profile

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.