Canoe Financial LP Has $145.67 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Canoe Financial LP reduced its stake in Otis Worldwide Corporation by 2.1% during the 2nd quarter, now owning approximately 1.47 million shares valued at $145.67 million.
• Multiple institutional investors, including JPMorgan Chase and Vanguard Group, have increased their holdings in Otis Worldwide, highlighting strong interest from large investment firms.
• Analysts provide a mixed outlook on Otis Worldwide, with a consensus rating of "Hold" and target price around $103.00, reflecting varied expectations for future performance.

Canoe Financial LP trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,471,094 shares of the company's stock after selling 32,275 shares during the quarter. Otis Worldwide accounts for 2.1% of Canoe Financial LP's portfolio, making the stock its 15th largest holding. Canoe Financial LP owned approximately 0.37% of Otis Worldwide worth $145,668,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of OTIS. NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the first quarter valued at approximately $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at $31,000. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the fourth quarter valued at $35,000. Finally, Flaharty Asset Management LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at $38,000. 88.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on OTIS shares. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Zacks Research lowered Otis Worldwide from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Morgan Stanley upped 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, Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of "Hold" and an average price target of $103.00.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $1.10 during midday trading on Friday, reaching $89.25. The company's stock had a trading volume of 6,993,916 shares, compared to its average volume of 2,976,025. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a market capitalization of $35.03 billion, a P/E ratio of 23.61, a P/E/G ratio of 4.29 and a beta of 0.98. The business's fifty day simple moving average is $89.36 and its 200-day simple moving average is $94.87.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its 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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period last year, the company posted $1.06 earnings per share. The firm's quarterly revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is currently 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.