Scotia Capital Inc. Cuts Holdings in Otis Worldwide Corporation $OTIS

Scotia Capital Inc. lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 13.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 40,436 shares of the company’s stock after selling 6,337 shares during the quarter. Scotia Capital Inc.’s holdings in Otis Worldwide were worth $4,004,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in OTIS. Berkshire Money Management Inc. increased its stake in Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after acquiring an additional 100 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in shares of Otis Worldwide by 0.8% in the 2nd quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock worth $1,374,000 after purchasing an additional 104 shares in the last quarter. PFG Investments LLC increased its position in shares of Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after purchasing an additional 121 shares during the last quarter. PKS Advisory Services LLC raised its holdings in shares of Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after buying an additional 121 shares in the last quarter. Finally, MSH Capital Advisors LLC lifted its position in Otis Worldwide by 5.4% in the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock worth $234,000 after buying an additional 122 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Up 0.3%

Shares of OTIS opened at $88.85 on Friday. The stock has a market capitalization of $34.63 billion, a P/E ratio of 26.21, a PEG ratio of 3.39 and a beta of 1.00. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a fifty day simple moving average of $90.35 and a two-hundred day simple moving average of $92.02.

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

Otis Worldwide Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide 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 sale, the chief accounting officer directly owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.23% of the company’s stock.

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.