Fayez Sarofim & Co Increases Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Fayez Sarofim & Co increased its stake in Otis Worldwide Corporation by 0.5% in Q1, owning approximately $114.9 million worth of shares after acquiring an additional 5,890 shares.
• Research analysts have set a consensus price target of $102.50 for Otis Worldwide, with varying ratings ranging from "sell" to "buy."
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, with a payout ratio of 44.44% and a dividend yield of 1.9%.

Fayez Sarofim & Co lifted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,113,313 shares of the company's stock after purchasing an additional 5,890 shares during the quarter. Fayez Sarofim & Co owned about 0.28% of Otis Worldwide worth $114,894,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Simon Quick Advisors LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $443,000. SG Americas Securities LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $2,533,000. Quintet Private Bank Europe S.A. lifted its stake in shares of 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 acquiring an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Otis Worldwide by 362.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after acquiring an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OTIS shares. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Morgan Stanley raised their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. JPMorgan Chase & Co. decreased 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, Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Stock Up 0.7%

Shares of NYSE OTIS opened at $86.91 on Thursday. The business has a fifty day simple moving average of $95.23 and a two-hundred day simple moving average of $96.93. The firm has a market cap of $34.11 billion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 4.14 and a beta of 0.95. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly 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. The firm had revenue of $3.60 billion during 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 business's revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 EPS. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's 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.

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