HighTower Advisors LLC Sells 153,751 Shares of Otis Worldwide Corporation $OTIS

HighTower Advisors LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 26.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 421,311 shares of the company’s stock after selling 153,751 shares during the quarter. HighTower Advisors LLC’s holdings in Otis Worldwide were worth $30,166,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in OTIS. Garton & Associates Financial Advisors LLC bought a new stake in Otis Worldwide in the 4th quarter worth approximately $27,000. Orion Capital Management LLC bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $27,000. Reflection Asset Management purchased a new position in shares of Otis Worldwide in the 4th quarter worth $34,000. MidFirst Bank purchased a new position in shares of Otis Worldwide in the 4th quarter worth $35,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Otis Worldwide in the 2nd quarter worth $28,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $70.14 on Wednesday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The firm has a fifty day moving average price of $72.31 and a 200-day moving average price of $75.96. The company has a market cap of $26.70 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 2.51 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

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

Otis Worldwide Profile

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.