BNP Paribas Financial Markets Has $57.15 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• BNP Paribas Financial Markets decreased its holdings in Otis Worldwide Corporation by 23.4%, selling 169,326 shares and now owning approximately 0.14% of the company.
• Otis Worldwide's quarterly earnings surpassed estimates, reporting an EPS of $1.05 compared to the expected $1.03, although revenue for the quarter slightly declined year-over-year.
• The company announced a quarterly dividend of $0.42, representing an annualized payout ratio of 44.44% and a yield of 1.9% for investors.

BNP Paribas Financial Markets trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 23.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 553,727 shares of the company's stock after selling 169,326 shares during the quarter. BNP Paribas Financial Markets owned 0.14% of Otis Worldwide worth $57,145,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Simon Quick Advisors LLC bought a new position in Otis Worldwide in the first quarter worth $443,000. SG Americas Securities LLC bought a new position in Otis Worldwide during the first quarter worth about $2,533,000. Quintet Private Bank Europe S.A. boosted its holdings in Otis Worldwide by 3.4% during the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after buying an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Otis Worldwide by 362.4% during 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 in the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the 1st quarter valued at about $225,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their target price 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. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Finally, Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.42 on Thursday, hitting $86.09. 731,898 shares of the company's stock were exchanged, compared to its average volume of 2,812,539. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a market cap of $33.79 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 4.16 and a beta of 0.98. The company has a 50 day moving average of $91.93 and a 200 day moving average of $95.76.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its 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. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business's quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the company earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS 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. Stockholders of record on Friday, August 15th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. 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.