Goldman Sachs Group Inc. Grows Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Goldman Sachs increased its position in Otis Worldwide Corporation by 9.6% during the first quarter, bringing its total holdings to 1,918,123 shares valued at approximately $197.95 million.
• Otis Worldwide reported $1.05 earnings per share for its latest quarter, exceeding the consensus estimate of $1.03, although its revenue fell 0.2% year-over-year to $3.60 billion.
• The company recently declared a quarterly dividend of $0.42 per share, with a dividend yield of 1.9% and a payout ratio of 44.44%.

Goldman Sachs Group Inc. increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 9.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,918,123 shares of the company's stock after buying an additional 168,692 shares during the quarter. Goldman Sachs Group Inc. owned 0.49% of Otis Worldwide worth $197,950,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in OTIS. Thurston Springer Miller Herd & Titak Inc. increased its holdings in Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after buying an additional 110 shares during the last quarter. Graypoint LLC grew its position in shares of Otis Worldwide by 3.4% during the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after acquiring an additional 147 shares during the period. Courier Capital LLC increased its stake in shares of Otis Worldwide by 6.2% in the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after purchasing an additional 150 shares in the last quarter. Venture Visionary Partners LLC raised its holdings in Otis Worldwide by 0.7% in the 1st quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock worth $2,297,000 after purchasing an additional 155 shares during the period. Finally, Exchange Traded Concepts LLC raised its holdings in Otis Worldwide by 16.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company's stock worth $113,000 after purchasing an additional 158 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.4%

Shares of OTIS opened at $87.64 on Thursday. The business's 50 day moving average is $90.77 and its 200 day moving average is $95.39. 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 $34.39 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 4.23 and a beta of 0.98.

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

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio is currently 44.44%.

Analyst Ratings Changes

Several research firms have issued reports on OTIS. 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. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $102.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.