Invesco Ltd. Raises Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Invesco Ltd. increased its stake in Otis Worldwide Corporation by 4.7%, now holding approximately 4.24 million shares valued at $437.4 million.
• Otis Worldwide reported $1.05 EPS for the last quarter, surpassing the estimated $1.03, but its quarterly revenue declined 0.2% year-over-year to $3.60 billion.
• The company has announced a $0.42 quarterly dividend with a 1.9% yield, payable on September 5, 2023, indicating a payout ratio of 44.44%.

Invesco Ltd. lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,238,600 shares of the company's stock after purchasing an additional 190,397 shares during the period. Invesco Ltd. owned about 1.07% of Otis Worldwide worth $437,424,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Covestor Ltd grew its stake in Otis Worldwide by 443.6% in the 1st quarter. Covestor Ltd now owns 1,283 shares of the company's stock worth $132,000 after acquiring an additional 1,047 shares during the period. JPMorgan Chase & Co. grew its stake in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Otis Worldwide in the 1st quarter worth approximately $7,336,000. Townsquare Capital LLC grew its stake in Otis Worldwide by 18.1% in the 1st quarter. Townsquare Capital LLC now owns 8,298 shares of the company's stock worth $856,000 after acquiring an additional 1,272 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in Otis Worldwide in the 1st quarter worth approximately $73,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.1%

NYSE:OTIS opened at $87.44 on Monday. The firm has a market capitalization of $34.32 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 4.20 and a beta of 0.95. The firm's fifty day simple moving average is $94.92 and its 200 day simple moving average is $96.83. 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 posted its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the business posted $1.06 EPS. The business's quarterly revenue was down .2% on a year-over-year basis. On average, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide's payout ratio is currently 44.44%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OTIS. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Barclays lowered their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley boosted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently 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.

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