Lecap Asset Management Ltd. Invests $2.84 Million in Otis Worldwide Corporation $OTIS

Key Points

• Lecap Asset Management Ltd. has invested approximately $2.84 million in Otis Worldwide Corporation, acquiring 28,627 shares, which makes it the firm's 10th largest position.
• Institutional and hedge funds collectively own 88.03% of Otis Worldwide's stock, indicating strong institutional interest in the company.
• Otis Worldwide recently announced a $0.42 quarterly dividend, representing an annualized payment of $1.68 and a yield of 1.8% with a payout ratio of 44.44%.

Lecap Asset Management Ltd. acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 28,627 shares of the company's stock, valued at approximately $2,835,000. Otis Worldwide accounts for about 1.0% of Lecap Asset Management Ltd.'s holdings, making the stock its 10th biggest position.

Several other hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 6.7% during 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 last quarter. Vanguard Group Inc. raised its stake in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. Nuveen LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at about $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after buying an additional 571,489 shares during the period. Finally, PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 13.3% during the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock worth $459,360,000 after purchasing an additional 543,933 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on OTIS shares. Zacks Research lowered Otis Worldwide from a "hold" rating to a "strong sell" rating in a report on Monday, September 15th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $103.00.

Otis Worldwide Price Performance

NYSE:OTIS opened at $92.36 on Thursday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The stock's 50 day simple moving average is $88.03 and its two-hundred day simple moving average is $94.29. The company has a market cap of $36.25 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 4.40 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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 business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The company's revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued 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 yield of 1.8%. Otis Worldwide's 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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