Canada Pension Plan Investment Board Has $48.59 Million Position in Otis Worldwide Corporation $OTIS

Key Points

• The Canada Pension Plan Investment Board increased its stake in Otis Worldwide Corporation by 53.1%, acquiring an additional 163,231 shares, bringing its total ownership to 470,781 shares worth approximately $48.6 million.
• Despite reporting a slight revenue decline and a net margin of 10.68%, Otis Worldwide beat earnings expectations with an EPS of $1.05 for the last quarter, surpassing estimates of $1.03.
• The company declared a quarterly dividend of $0.42, with the dividend yield sitting at 1.9%, reflecting a payout ratio of 44.44%.

Canada Pension Plan Investment Board raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 53.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 470,781 shares of the company's stock after buying an additional 163,231 shares during the period. Canada Pension Plan Investment Board owned about 0.12% of Otis Worldwide worth $48,585,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Simon Quick Advisors LLC bought a new position in Otis Worldwide in the first quarter valued at about $443,000. SG Americas Securities LLC purchased a new position in shares of Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. grew its stake in Otis Worldwide by 3.4% during the 1st 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. grew its stake in 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 during the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $225,000. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on OTIS. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Barclays reduced 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. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" 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 note on Tuesday, July 8th. Finally, Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Two research 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.com, the company currently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Trading Up 0.5%

OTIS stock traded up $0.42 during trading on Thursday, hitting $86.09. 744,763 shares of the stock traded hands, compared to its average volume of 2,812,539. The company has a 50 day simple moving average of $91.93 and a 200 day simple moving average of $95.76. The stock has a market cap of $33.79 billion, a price-to-earnings ratio of 22.77, a P/E/G ratio of 4.16 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company posted $1.06 EPS. The business's revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide Company 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.