Federation des caisses Desjardins du Quebec Has $13.04 Million Position in Otis Worldwide Corporation $OTIS

Key Points

• Federation des caisses Desjardins du Quebec increased its stake in Otis Worldwide Corporation by 8.4%, acquiring an additional 9,772 shares, bringing its total holdings to 126,291 shares valued at over $13 million.
• Otis Worldwide reported earnings of $1.05 EPS in its last quarterly earnings, beating expectations of $1.03, despite a 0.2% year-over-year revenue decline to $3.60 billion.
• The company declares a quarterly dividend of $0.42 per share, which translates to an annualized yield of 2.0%, with the next payment scheduled for September 5th.

Federation des caisses Desjardins du Quebec increased its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,291 shares of the company's stock after acquiring an additional 9,772 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Otis Worldwide were worth $13,038,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after acquiring an additional 110 shares in the last quarter. Graypoint LLC boosted its stake in shares of Otis Worldwide by 3.4% during the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after acquiring an additional 147 shares in the last quarter. Courier Capital LLC boosted its stake in shares of Otis Worldwide by 6.2% during the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after acquiring an additional 150 shares in the last quarter. Venture Visionary Partners LLC boosted its stake in shares of Otis Worldwide by 0.7% during the 1st quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock worth $2,297,000 after acquiring an additional 155 shares in the last quarter. Finally, Foyston Gordon & Payne Inc boosted its stake in shares of Otis Worldwide by 0.3% during the 4th quarter. Foyston Gordon & Payne Inc now owns 56,094 shares of the company's stock worth $5,195,000 after acquiring an additional 156 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

NYSE OTIS traded up $0.50 during trading hours on Friday, hitting $87.00. The company had a trading volume of 3,034,869 shares, compared to its average volume of 3,302,948. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a market capitalization of $34.14 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 4.19 and a beta of 0.98. The firm's 50 day moving average is $91.50 and its 200 day moving average is $95.60.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was 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 presently 44.44%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OTIS. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. JPMorgan Chase & Co. cut their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Morgan Stanley upped their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target 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.