Otis Worldwide Corporation $OTIS Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. reduced its holdings in Otis Worldwide by 10.2%, now owning 450,128 shares after selling 50,952 shares in the first quarter.
• Analysts have set a range of new price targets for Otis Worldwide, with consensus rates indicating mostly a "Hold," and varying target prices from $90.00 to $109.00.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, indicating a 1.9% dividend yield and a payout ratio of 44.44%.

Candriam S.C.A. lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 450,128 shares of the company's stock after selling 50,952 shares during the period. Candriam S.C.A. owned about 0.11% of Otis Worldwide worth $46,453,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. JPMorgan Chase & Co. increased its position in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after buying an additional 2,396,134 shares during the period. Vanguard Group Inc. increased its position in Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after buying an additional 1,591,450 shares during the period. Nuveen LLC acquired a new position in Otis Worldwide during the first quarter worth approximately $91,989,000. GAMMA Investing LLC increased its position in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after buying an additional 814,057 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in Otis Worldwide during the fourth quarter worth approximately $66,962,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 1.0%

Shares of Otis Worldwide stock traded up $0.8370 during trading on Friday, reaching $88.4070. The company's stock had a trading volume of 5,451,393 shares, compared to its average volume of 4,003,957. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The company has a market capitalization of $34.70 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. The business has a 50 day moving average price of $93.42 and a 200-day moving average price of $96.30.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the previous year, the business earned $1.06 earnings per share. The company'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. Research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's payout ratio is 44.44%.

Analyst Upgrades and Downgrades

Several research analysts have commented on OTIS shares. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Royal Bank Of Canada dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Morgan Stanley boosted their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Finally, Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target 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.