Vancity Investment Management Ltd Makes New Investment in Otis Worldwide Corporation $OTIS

Key Points

• Vancity Investment Management Ltd acquired 3,001 shares of Otis Worldwide Corporation during the 1st quarter, valued at approximately $310,000, as part of an increasing interest from institutional investors with 88.03% ownership of the company.
• Analysts have varying ratings on Otis Worldwide, with two analysts rating it as a Buy, while the consensus rating remains a "Hold" with an average price target of $102.50.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, representing an annualized amount of $1.68 and a dividend yield of 1.9%.

Vancity Investment Management Ltd purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 3,001 shares of the company's stock, valued at approximately $310,000.

A number of other large investors have also added to or reduced their stakes in the company. NBC Securities Inc. acquired a new position in Otis Worldwide during the 1st quarter worth $25,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide during the 1st quarter worth $31,000. Cheviot Value Management LLC acquired a new position in Otis Worldwide during the 1st quarter worth $31,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth $35,000. Finally, Curat Global LLC acquired a new position in Otis Worldwide during the 1st quarter worth $61,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Morgan Stanley raised their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Trading Down 0.3%

OTIS traded down $0.26 on Friday, hitting $89.12. 3,610,840 shares of the company's stock were exchanged, compared to its average volume of 3,228,639. The firm has a market cap of $34.98 billion, a PE ratio of 23.58, a P/E/G ratio of 4.30 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock has a fifty day moving average of $90.36 and a two-hundred day moving average of $95.25.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the firm posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

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.