Corient IA LLC Makes New Investment in Otis Worldwide Corporation $OTIS

Key Points

• Corient IA LLC made a new investment in Otis Worldwide Corporation by acquiring 4,000 shares valued at approximately $413,000 in the first quarter.
• Otis Worldwide reported quarterly earnings of $1.05 per share, exceeding analysts' expectations and generating revenue of $3.60 billion, though slightly below estimates.
• The company recently announced a quarterly dividend of $0.42 per share, with a dividend yield of 1.9% and a payout ratio of 44.44%.

Corient IA LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 4,000 shares of the company's stock, valued at approximately $413,000.

Other hedge funds have also made changes to their positions in the company. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the 1st quarter worth $25,000. Transce3nd LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $25,000. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide in the 1st quarter worth $31,000. Cheviot Value Management LLC bought a new position in shares of Otis Worldwide in the 1st quarter worth $31,000. Finally, Orion Capital Management LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $35,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $87.37 on Monday. The stock's 50-day simple moving average is $94.17 and its 200-day simple moving average is $96.54. The firm has a market capitalization of $34.29 billion, a PE ratio of 23.11, a P/E/G ratio of 4.21 and a beta of 0.95. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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 for 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%. The company's revenue was down .2% on a year-over-year basis. During the same period in the prior year, the company earned $1.06 earnings per share. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a $0.42 dividend. 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 is currently 44.44%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent research reports. Morgan Stanley boosted their price target 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. 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 target price on the stock. Royal Bank Of Canada reduced 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. Finally, JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Otis Worldwide has an average 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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