Otis Worldwide Corporation $OTIS Shares Sold by Sheets Smith Wealth Management

Sheets Smith Wealth Management reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 38.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,775 shares of the company's stock after selling 21,387 shares during the period. Sheets Smith Wealth Management's holdings in Otis Worldwide were worth $3,180,000 as of its most recent SEC filing.Get Otis Worldwide alerts:Why Otis Worldwide Stock Keeps Going UpA number of other institutional investors have also recently bought and sold shares of the stock. Avanza Fonder AB raised its stake in Otis Worldwide by 17.2% during the third quarter. Avanza Fonder AB now owns 40,709 shares of the company's stock worth $3,722,000 after purchasing an additional 5,981 shares during the period. CWM LLC grew its stake in shares of Otis Worldwide by 244.2% during the 3rd quarter. CWM LLC now owns 83,870 shares of the company's stock valued at $7,668,000 after buying an additional 59,501 shares during the period. Canoe Financial LP increased its holdings in shares of Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company's stock worth $220,525,000 after buying an additional 940,862 shares during the last quarter. BSW Wealth Partners raised its position in shares of Otis Worldwide by 28.2% in the 3rd quarter. BSW Wealth Partners now owns 4,105 shares of the company's stock worth $375,000 after buying an additional 903 shares during the period. Finally, Tritonpoint Wealth LLC boosted its holdings in Otis Worldwide by 15.0% in the third quarter. Tritonpoint Wealth LLC now owns 3,504 shares of the company's stock valued at $320,000 after acquiring an additional 458 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors. Otis Worldwide Stock Up 0.1%OTIS opened at $87.90 on Friday. The firm's 50 day moving average is $89.22 and its 200-day moving average is $90.87. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a market capitalization of $34.26 billion, a P/E ratio of 25.93, a P/E/G ratio of 3.35 and a beta of 1.01. Why Investors Can Ride Otis Worldwide Stock for a Long TimeOtis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the prior year, the firm earned $0.96 earnings per share. The business's quarterly revenue was up 4.0% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year. Otis Worldwide Announces DividendThe firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were paid a dividend of $0.42 per share. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is currently 49.56%. Insider ActivityIn related news, CAO Michael Patrick Ryan sold 3,028 shares of the business's stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.23% of the company's stock. Analyst Ratings ChangesOTIS has been the subject of a number of research reports. Zacks Research upgraded Otis Worldwide from a "strong sell" rating to a "hold" rating in a report on Tuesday, October 14th. BNP Paribas Exane upgraded shares of Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. BNP Paribas raised shares of Otis Worldwide from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, December 9th. JPMorgan Chase & Co. lifted their target price 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, Wells Fargo & Company lowered their price target on Otis Worldwide from $95.00 to $92.00 and set an "equal weight" rating for the company in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $103.50.Read Our Latest Stock Analysis on OTISOtis Worldwide Company Profile (Free Report)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.Further ReadingFive stocks we like better than Otis WorldwideTurn your "dead money" into $306+ monthly (starting this month)$100 Trillion “AI Metal” Found in American Ghost TownWashington prepares for warPut $1,000 into this stock by Jan 1 [Not NVDA]Terrifying reason Trump killed the U.S. penny?This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Otis Worldwide Right Now?Before you consider Otis Worldwide, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Otis Worldwide wasn't on the list.While Otis Worldwide currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here