Erste Asset Management GmbH Buys New Position in Otis Worldwide Corporation $OTIS

Key Points

• Erste Asset Management GmbH invested approximately $8.97 million in Otis Worldwide Corporation, acquiring 87,629 shares in the first quarter of 2023.
• The current analyst consensus rating for Otis Worldwide is Hold, with a price target averaging $102.50, following a mix of upgrades and downgrades from various investment firms.
• Otis Worldwide declared a quarterly dividend of $0.42 per share, representing an annualized dividend yield of 1.9%, set to be paid on September 5th.

Erste Asset Management GmbH acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 87,629 shares of the company's stock, valued at approximately $8,974,000.

Other large investors have also bought and sold shares of the company. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter valued at about $25,000. Transce3nd LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at about $25,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide in the first quarter valued at about $31,000. Cheviot Value Management LLC acquired a new stake in Otis Worldwide in the first quarter valued at about $31,000. Finally, Orion Capital Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at about $35,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OTIS. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Barclays dropped their target price 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. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Finally, Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Down 2.0%

OTIS traded down $1.8050 during midday trading on Monday, hitting $86.7750. 2,133,802 shares of the company were exchanged, compared to its average volume of 2,812,506. The firm has a market capitalization of $34.06 billion, a P/E ratio of 22.94, a P/E/G ratio of 4.26 and a beta of 0.95. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm's 50 day moving average price is $93.42 and its 200-day moving average price is $96.31.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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 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 business'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 business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio is presently 44.44%.

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.