Otis Worldwide Corporation $OTIS Stock Sold by PineStone Asset Management Inc.

by · The Cerbat Gem

PineStone Asset Management Inc. trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS – Free Report) by 5.7% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,044,954 shares of the company’s stock after selling 245,500 shares during the quarter. Otis Worldwide comprises approximately 1.7% of PineStone Asset Management Inc.’s portfolio, making the stock its 20th biggest position. PineStone Asset Management Inc. owned about 1.06% of Otis Worldwide worth $260,171,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Orion Capital Management LLC bought a new position in Otis Worldwide during the 2nd quarter valued at about $27,000. Reflection Asset Management purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at about $34,000. MidFirst Bank bought a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $35,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Otis Worldwide in the second quarter worth approximately $28,000. Finally, Elevation Wealth Partners LLC grew its stake in shares of Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after acquiring an additional 382 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $71.31 on Friday. The stock has a market cap of $27.14 billion, a PE ratio of 18.33, a price-to-earnings-growth ratio of 2.50 and a beta of 0.87. Otis Worldwide Corporation has a one year low of $63.58 and a one year high of $94.57. The stock has a fifty day moving average of $69.32 and a 200 day moving average of $72.44.

Otis Worldwide (NYSE:OTIS – Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%. Otis Worldwide’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, sell-side analysts predict 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 11th. Stockholders of record on Friday, August 14th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio is presently 45.24%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OTIS shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Evercore restated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Wells Fargo & Company initiated coverage on shares of Otis Worldwide in a research report on Thursday, September 24th. They issued an “underweight” rating and a $77.00 target price for the company. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Otis Worldwide in a research report on Monday, September 21st. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $91.00.

Read Our Latest Stock Analysis on Otis Worldwide

About Otis Worldwide

(Free Report)

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.

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