Eventide Asset Management LLC Purchases Shares of 5,377 Otis Worldwide Corporation $OTIS

Key Points

• Eventide Asset Management LLC acquired 5,377 shares of Otis Worldwide Corporation, valued at approximately $549,000, marking a notable investment during the 1st quarter.
• The stock has seen increased analyst activity, with Wolfe Research upgrading its rating and other firms adjusting price targets, culminating in a consensus rating of "Hold" and a price target of $102.50.
• Otis Worldwide has declared a quarterly dividend of $0.42 per share, providing an annual yield of 1.9% to shareholders, with the payout ratio being 44.44%.

Eventide Asset Management LLC purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,377 shares of the company's stock, valued at approximately $549,000.

Other institutional investors and hedge funds have also modified their holdings of the company. NBC Securities Inc. acquired a new position in Otis Worldwide during the first quarter worth about $25,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at approximately $31,000. Cheviot Value Management LLC acquired a new position in Otis Worldwide during the 1st quarter worth approximately $31,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $35,000. Finally, Abound Wealth Management lifted its stake in Otis Worldwide by 715.3% in the 1st quarter. Abound Wealth Management now owns 587 shares of the company's stock valued at $61,000 after purchasing an additional 515 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS traded up $0.60 during mid-day trading on Tuesday, reaching $87.97. 3,160,505 shares of the company were exchanged, compared to its average volume of 2,820,487. The business has a 50 day simple moving average of $91.26 and a two-hundred day simple moving average of $95.50. The stock has a market capitalization of $34.53 billion, a PE ratio of 23.27, a PEG ratio of 4.19 and a beta of 0.98. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company's revenue was down .2% compared to the same quarter last year. During the same quarter last year, the business earned $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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued 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 payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on OTIS shares. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Barclays reduced their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Finally, Royal Bank Of Canada lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average target price of $102.50.

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.