Banque Cantonale Vaudoise Invests $790,000 in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Banque Cantonale Vaudoise acquired 7,657 shares of Otis Worldwide Corporation, valued at approximately $790,000, during the first quarter, as noted in a recent SEC filing.
• Otis Worldwide plans to pay a quarterly dividend of $0.42 on September 5th, representing an annualized dividend yield of 2.0% and a payout ratio of 44.44%.
• The company's latest earnings report showed an EPS of $1.05, exceeding analysts' expectations, while revenue decreased by 0.2% year-over-year, highlighting mixed performance.

Banque Cantonale Vaudoise acquired a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 7,657 shares of the company's stock, valued at approximately $790,000.

Several other large investors also recently bought and sold shares of OTIS. Transce3nd LLC bought a new stake in Otis Worldwide in the 4th quarter worth about $25,000. NBC Securities Inc. bought a new stake in Otis Worldwide in the 1st quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide in the 4th quarter worth about $28,000. Wayfinding Financial LLC bought a new stake in Otis Worldwide in the 1st quarter worth about $31,000. Finally, Orion Capital Management LLC bought a new stake in Otis Worldwide in the 4th quarter worth about $35,000. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on OTIS shares. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Finally, Morgan Stanley lifted their price objective 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Performance

Shares of OTIS traded down $0.87 during mid-day trading on Friday, hitting $84.82. 3,897,512 shares of the stock were exchanged, compared to its average volume of 3,107,193. The company has a market cap of $33.29 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 4.08 and a beta of 0.95. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a 50-day moving average of $95.84 and a two-hundred day moving average of $97.11.

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 (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The company's revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.06 EPS. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

About Otis Worldwide

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.