Davidson Investment Advisors Sells 33,062 Shares of Otis Worldwide Corporation $OTIS

Davidson Investment Advisors trimmed its position in Otis Worldwide Corporation (NYSE:OTIS) by 11.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 262,612 shares of the company’s stock after selling 33,062 shares during the quarter. Davidson Investment Advisors’ holdings in Otis Worldwide were worth $18,803,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Otis Worldwide in the second quarter worth approximately $2,264,017,000. State Street Corp lifted its stake in shares of Otis Worldwide by 0.8% during the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after buying an additional 121,207 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after buying an additional 29,636 shares during the period. Norges Bank bought a new position in Otis Worldwide in the 4th quarter worth $770,125,000. Finally, Franklin Resources Inc. increased its stake in Otis Worldwide by 5.7% in the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock worth $685,012,000 after buying an additional 422,519 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on OTIS shares. Evercore restated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Sanford C. Bernstein cut their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research note on Tuesday, July 28th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $92.91.

Otis Worldwide Stock Up 0.4%

Shares of OTIS stock opened at $71.77 on Friday. The company’s fifty day simple moving average is $72.54 and its two-hundred day simple moving average is $77.02. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $94.57. The stock has a market cap of $27.32 billion, a P/E ratio of 18.45, a PEG ratio of 2.53 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the business posted $1.05 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s payout ratio is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.