Otis Worldwide Corporation $OTIS Shares Sold by Folger Nolan Fleming Douglas Capital Management Inc.

Folger Nolan Fleming Douglas Capital Management Inc. trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 10.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,244 shares of the company’s stock after selling 619 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Otis Worldwide were worth $519,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after acquiring an additional 543,933 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Otis Worldwide by 4.7% in the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock valued at $437,424,000 after acquiring an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after acquiring an additional 571,489 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OTIS. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday. Zacks Research downgraded Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Stock Down 0.3%

OTIS stock opened at $89.46 on Friday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm’s 50-day simple moving average is $88.52 and its 200 day simple moving average is $93.76. The stock has a market cap of $35.11 billion, a PE ratio of 23.67, a price-to-earnings-growth ratio of 3.52 and a beta of 1.00.

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

Otis Worldwide Dividend Announcement

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

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.