Korea Investment CORP Has $30.68 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• Korea Investment CORP increased its stake in Otis Worldwide Corporation by 9.8%, holding 297,279 shares valued at approximately $30.68 million.
• Otis Worldwide reported $1.05 earnings per share for its recent quarter, slightly exceeding analyst expectations, while revenues declined compared to last year.
• The company declared a quarterly dividend of $0.42 per share, with a yield of 1.9% based on an annualized payout.

Korea Investment CORP increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 9.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 297,279 shares of the company's stock after purchasing an additional 26,556 shares during the period. Korea Investment CORP owned 0.08% of Otis Worldwide worth $30,679,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after buying an additional 2,396,134 shares during the last quarter. Vanguard Group Inc. grew its position in Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after buying an additional 1,591,450 shares during the last quarter. Nuveen LLC acquired a new position in Otis Worldwide in the first quarter worth approximately $91,989,000. GAMMA Investing LLC grew its position in Otis Worldwide by 12,162.8% in the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after buying an additional 814,057 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Otis Worldwide in the fourth quarter worth approximately $66,962,000. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic 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 decreased their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research 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 stock an "equal weight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. decreased their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. 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 company's stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

NYSE:OTIS traded down $1.7560 during trading hours on Monday, reaching $86.8240. The company's stock had a trading volume of 831,825 shares, compared to its average volume of 2,804,809. The company has a market cap of $34.08 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business's 50-day moving average is $93.42 and its 200-day moving average is $96.31.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors 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 dividend payout ratio is currently 44.44%.

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.