Cinctive Capital Management LP Invests $351,000 in Otis Worldwide Corporation $OTIS

Key Points

• Cinctive Capital Management LP has acquired a new stake in Otis Worldwide Corporation valued at approximately $351,000, purchasing 3,400 shares in the company during the 1st quarter.
• Institutional investors own 88.03% of Otis Worldwide stock, with notable increases from firms like Banque Transatlantique SA and Amundi in the same quarter.
• Otis Worldwide reported a quarterly earnings per share of $1.05, exceeding analyst expectations, despite a slight decline in revenue compared to the previous year.

Cinctive Capital Management LP acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,400 shares of the company's stock, valued at approximately $351,000.

Several other large investors also recently added to or reduced their stakes in OTIS. Simon Quick Advisors LLC purchased a new position in shares of Otis Worldwide during the first quarter worth approximately $443,000. SG Americas Securities LLC bought a new position in Otis Worldwide in the first quarter worth approximately $2,533,000. Quintet Private Bank Europe S.A. increased its holdings 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 purchasing an additional 9,467 shares during the period. Assenagon Asset Management S.A. raised its position 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 in the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the 1st quarter worth $225,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Royal Bank Of Canada reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Trading Up 2.0%

Shares of OTIS stock traded up $1.72 during trading hours on Thursday, reaching $89.35. 3,628,117 shares of the company's stock were exchanged, compared to its average volume of 3,173,438. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The stock's 50 day moving average is $90.57 and its 200-day moving average is $95.33. The company has a market cap of $35.07 billion, a price-to-earnings ratio of 23.64, a P/E/G ratio of 4.22 and a beta of 0.98.

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, topping the consensus estimate 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 EPS. The firm's revenue for the quarter was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS 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 issued a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio is 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.