Guinness Asset Management LTD Has $195.66 Million Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Guinness Asset Management LTD reduced its holdings in Otis Worldwide Corporation by 2.6%, now owning approximately 1,896,917 shares valued at $195.66 million.
• Several institutional investors have recently bought or sold shares of Otis Worldwide, with institutional ownership totaling 88.03%.
• Otis Worldwide has a market cap of $35.07 billion and recently announced a quarterly dividend of $0.42 per share, resulting in a yield of 1.9%.

Guinness Asset Management LTD reduced its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,896,917 shares of the company's stock after selling 50,839 shares during the quarter. Otis Worldwide makes up approximately 3.8% of Guinness Asset Management LTD's holdings, making the stock its 15th largest holding. Guinness Asset Management LTD owned about 0.48% of Otis Worldwide worth $195,663,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Silicon Valley Capital Partners bought a new position in Otis Worldwide in the 1st quarter worth approximately $232,000. Acadian Asset Management LLC raised its position in Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after purchasing an additional 1,574 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Otis Worldwide by 26.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,514 shares of the company's stock worth $156,000 after purchasing an additional 314 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $599,000. Finally, Fortis Capital Advisors LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $599,000. Institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent research reports. Wolfe Research upgraded shares of 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 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. Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Wells Fargo & Company dropped 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 research report on Thursday, July 24th. Finally, Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Up 2.0%

OTIS opened at $89.35 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company has a fifty day simple moving average of $90.57 and a 200 day simple moving average of $95.33. The stock has a market cap of $35.07 billion, a P/E ratio of 23.64, a P/E/G ratio of 4.22 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business 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 company earned $1.06 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities research analysts expect 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 was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 dividend on an annualized basis 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.

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