Fjarde AP Fonden Fourth Swedish National Pension Fund Has $6.01 Million Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• The Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Otis Worldwide Corporation by 12.9%, owning 58,224 shares valued at approximately $6 million after selling 8,600 shares.
• Vanguard Group Inc. and JPMorgan Chase & Co. both increased their positions in Otis Worldwide, with Vanguard boosting its stake by 3.5% and JPMorgan by 6.7% during the same quarter.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, with a dividend yield of 1.9%, scheduled to be paid on September 5th.

Fjarde AP Fonden Fourth Swedish National Pension Fund lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 12.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 58,224 shares of the company's stock after selling 8,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Otis Worldwide were worth $6,009,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Transce3nd LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide during the 1st quarter worth approximately $25,000. Wayfinding Financial LLC purchased a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $31,000. Cheviot Value Management LLC purchased a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $31,000. Finally, Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wells Fargo & Company reduced their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. dropped their price target 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. Royal Bank Of Canada dropped their price target 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. Finally, 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 price target on the stock. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $0.6910 on Wednesday, hitting $89.2810. The company's stock had a trading volume of 4,031,121 shares, compared to its average volume of 2,777,703. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company has a market capitalization of $35.04 billion, a price-to-earnings ratio of 23.61, a price-to-earnings-growth ratio of 4.21 and a beta of 0.95. The stock's 50-day moving average is $93.88 and its two-hundred day moving average is $96.43.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (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 company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the prior year, the business posted $1.06 earnings per share. The company's revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid 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 yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

Otis Worldwide Company 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.