Clarkston Capital Partners LLC Reduces Stock Holdings in Otis Worldwide Corporation $OTIS

Clarkston Capital Partners LLC trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 95,197 shares of the company’s stock after selling 1,471 shares during the period. Clarkston Capital Partners LLC’s holdings in Otis Worldwide were worth $9,426,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its position 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 valued at $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. T. Rowe Price Investment Management Inc. purchased a new position in Otis Worldwide in the 1st quarter valued at approximately $612,000. State of Wyoming raised its holdings in Otis Worldwide by 278.6% during the 1st quarter. State of Wyoming now owns 7,406 shares of the company’s stock valued at $764,000 after acquiring an additional 5,450 shares during the period. Groupe la Francaise lifted its position in shares of Otis Worldwide by 14.2% during the first quarter. Groupe la Francaise now owns 43,418 shares of the company’s stock worth $4,472,000 after acquiring an additional 5,391 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Otis Worldwide by 53.1% in the first quarter. Canada Pension Plan Investment Board now owns 470,781 shares of the company’s stock worth $48,585,000 after acquiring an additional 163,231 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 value 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Price Performance

OTIS stock opened at $88.68 on Friday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The stock has a market cap of $34.56 billion, a PE ratio of 26.16, a P/E/G ratio of 3.38 and a beta of 1.00. The firm has a 50 day simple moving average of $90.36 and a two-hundred day simple moving average of $92.12.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the prior year, the firm earned $0.96 earnings per share. The firm’s 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. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS 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. Investors of record on Friday, November 14th will be issued a dividend of $0.42 per share. 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 currently 49.56%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on OTIS shares. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Tuesday. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. 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, 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 research note on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $103.71.

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.