Otis Worldwide Corporation $OTIS Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. has reduced its stake in Otis Worldwide by 5.8%, owning approximately 269,983 shares valued at about $25.79 million, according to their recent SEC filing.
• Other institutional investors, including Vanguard Group and JPMorgan Chase, have increased their holdings in Otis Worldwide, showcasing strong institutional interest in the stock.
• Current analyst ratings for Otis Worldwide indicate a consensus rating of "Hold", with a target price averaging $102.50, following various adjustments from different analysts.

APG Asset Management N.V. cut its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 269,983 shares of the company's stock after selling 16,544 shares during the period. APG Asset Management N.V. owned about 0.07% of Otis Worldwide worth $25,794,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Simon Quick Advisors LLC purchased a new position in Otis Worldwide during the 1st quarter worth approximately $443,000. SG Americas Securities LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. increased its holdings in shares of Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after acquiring an additional 9,467 shares during the period. Assenagon Asset Management S.A. raised its position in Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after purchasing an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Stock Performance

NYSE:OTIS traded up $0.09 during mid-day trading on Friday, hitting $86.34. 980,979 shares of the company's stock traded hands, compared to its average volume of 2,826,913. The company has a market cap of $33.89 billion, a PE ratio of 22.83, a price-to-earnings-growth ratio of 4.22 and a beta of 0.95. The firm's 50 day simple moving average is $92.74 and its 200 day simple moving average is $96.06. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year 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 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the business earned $1.06 earnings per share. The company's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is presently 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.