Chicago Capital LLC Boosts Position in Otis Worldwide Corporation $OTIS

Key Points

• Chicago Capital LLC increased its position in Otis Worldwide Corporation by 21.1% in Q2, bringing its holdings to 16,781 shares valued at approximately $1.66 million.
• Multiple institutional investors adjusted their stakes, with JPMorgan Chase & Co. and Vanguard Group increasing their holdings significantly, indicating a strong interest in Otis Worldwide.
• Analysts have mixed projections for Otis stock, with target prices ranging from $90.00 to $109.00, and a current consensus rating of "Hold."

Chicago Capital LLC grew its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 21.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,781 shares of the company's stock after buying an additional 2,920 shares during the quarter. Chicago Capital LLC's holdings in Otis Worldwide were worth $1,662,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at approximately $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after purchasing an additional 571,489 shares in the last quarter. Finally, PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock worth $459,360,000 after purchasing an additional 543,933 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday, September 18th. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Finally, Zacks Research lowered shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Two equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $103.00.

Otis Worldwide Price Performance

OTIS opened at $91.45 on Wednesday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The business has a 50-day moving average of $87.96 and a two-hundred day moving average of $94.30. The stock has a market capitalization of $35.89 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 4.39 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same period last year, the company earned $1.06 earnings per share. The company's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide's payout ratio is currently 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.

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