Credit Agricole S A Buys 11,330 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Credit Agricole S A increased its stake in Otis Worldwide Corporation by 5.4%, owning a total of 222,522 shares, worth approximately $22.96 million.
• A significant number of institutional investors, including Vanguard Group and JPMorgan Chase, have also raised their holdings in Otis Worldwide, indicating strong investor confidence in the company, with institutional ownership now at 88.03%.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, representing a 1.9% yield and a payout ratio of 44.44%.

Credit Agricole S A lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 222,522 shares of the company's stock after buying an additional 11,330 shares during the period. Credit Agricole S A owned about 0.06% of Otis Worldwide worth $22,964,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the first quarter worth $25,000. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the first quarter worth $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide during the first quarter worth $31,000. Finally, Orion Capital Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 1.9%

Otis Worldwide stock traded down $1.6710 during midday trading on Monday, hitting $86.9090. 1,023,605 shares of the stock were exchanged, compared to its average volume of 2,806,226. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The business's 50-day moving average price is $93.42 and its 200-day moving average price is $96.31. The stock has a market capitalization of $34.11 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 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 firm had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the firm earned $1.06 EPS. The company'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, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on OTIS shares. Barclays lowered their price target 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. Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Finally, Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $102.50.

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.