Charles Schwab Investment Management Inc. Grows Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Charles Schwab Investment Management Inc. has increased its stake in Otis Worldwide Corporation by 1.3%, holding approximately 2.33 million shares valued at $240.8 million as of the latest SEC filing.
• Other institutional investors, such as Vanguard Group Inc. and GAMMA Investing LLC, have also significantly increased their positions in Otis Worldwide, indicating strong institutional interest in the stock.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, resulting in an annualized payout of $1.68 and a dividend yield of 1.9% for shareholders.

Charles Schwab Investment Management Inc. grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,333,808 shares of the company's stock after buying an additional 29,326 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.59% of Otis Worldwide worth $240,849,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in OTIS. Vanguard Group Inc. raised its position in shares of Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares in the last quarter. GAMMA Investing LLC increased its position in Otis Worldwide by 12,162.8% in 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. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide in the fourth quarter worth $66,962,000. Northern Trust Corp increased its position in Otis Worldwide by 12.3% in the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after buying an additional 501,016 shares during the period. Finally, Canoe Financial LP increased its position in Otis Worldwide by 45.5% in the first quarter. Canoe Financial LP now owns 1,503,369 shares of the company's stock worth $155,148,000 after buying an additional 469,946 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.1%

Shares of OTIS stock opened at $87.44 on Friday. The stock has a 50-day simple moving average of $94.92 and a 200 day simple moving average of $96.83. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock has a market capitalization of $34.32 billion, a P/E ratio of 23.13, a P/E/G ratio of 4.20 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. Otis Worldwide's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the company posted $1.06 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company 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 dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OTIS. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. 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 research report on Monday, July 28th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Wells Fargo & Company lowered their price target 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. Finally, Barclays decreased their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus 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.

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