Otis Worldwide Corporation $OTIS Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 79.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 2,174 shares of the company’s stock after selling 8,176 shares during the quarter. Penserra Capital Management LLC’s holdings in Otis Worldwide were worth $215,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OTIS. Chilton Capital Management LLC purchased a new stake in shares of Otis Worldwide in the 2nd quarter valued at approximately $31,000. Cheviot Value Management LLC purchased a new stake in Otis Worldwide in the first quarter valued at approximately $31,000. Flaharty Asset Management LLC acquired a new position in Otis Worldwide during the first quarter worth $38,000. Toth Financial Advisory Corp acquired a new position in Otis Worldwide during the second quarter worth $45,000. Finally, Ransom Advisory Ltd purchased a new position in shares of Otis Worldwide during the first quarter worth $48,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $90.90 on Thursday. The business has a 50-day simple moving average of $90.44 and a 200-day simple moving average of $92.73. The company has a market cap of $35.42 billion, a PE ratio of 26.81, a P/E/G ratio of 3.44 and a beta of 1.00. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (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 company 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 earned $0.96 earnings per share. The firm’s quarterly 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, sell-side 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 announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s dividend payout ratio is 49.56%.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated 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 directly owned 2,628 shares of the company’s stock, valued at $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OTIS shares. Barclays boosted their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $103.71.

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.