Mackenzie Financial Corp Purchases 3,634 Shares of Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• Mackenzie Financial Corp has increased its holdings in Otis Worldwide Corporation by 2.1% to $18.59 million, owning a total of 180,085 shares as of the latest SEC filing.
• Analysts have set varying price targets for Otis Worldwide, with Wells Fargo lowering its target from $100 to $93, while Morgan Stanley raised its target from $97 to $105.
• Otis Worldwide recently declared a quarterly dividend of $0.42, with an annualized yield of 1.94%, set to be paid on September 5th.

Mackenzie Financial Corp lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 180,085 shares of the company's stock after purchasing an additional 3,634 shares during the quarter. Mackenzie Financial Corp's holdings in Otis Worldwide were worth $18,585,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of OTIS. NBC Securities Inc. acquired a new position in Otis Worldwide during the 1st quarter worth approximately $25,000. Transce3nd LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide during the 4th quarter worth approximately $28,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Finally, Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.9%

Shares of OTIS stock traded down $0.74 during mid-day trading on Thursday, reaching $85.69. The stock had a trading volume of 4,071,348 shares, compared to its average volume of 2,956,224. The firm's 50 day simple moving average is $96.08 and its 200 day simple moving average is $97.12. Otis Worldwide Corporation has a one year low of $85.45 and a one year high of $106.83. The firm has a market cap of $33.63 billion, a PE ratio of 22.67, a P/E/G ratio of 4.15 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter last year, the company earned $1.06 EPS. The company's quarterly revenue was down .2% on a year-over-year basis. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

Wall Street Analyst Weigh In

OTIS has been the topic of several research reports. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Finally, Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. One investment 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, Otis Worldwide presently has a consensus rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Company 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.