MBB Public Markets I LLC Takes Position in Otis Worldwide Corporation $OTIS

Key Points

• MBB Public Markets I LLC purchased 3,113 shares of Otis Worldwide Corporation, valued at approximately $321,000, during the first quarter of the year.
• Analysts have established a consensus rating of "Hold" for Otis Worldwide, with a price target of $102.50, while some ratings have been lowered by various financial institutions.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, reflecting an annualized yield of 1.9% and a payout ratio of 44.44%.

MBB Public Markets I LLC bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,113 shares of the company's stock, valued at approximately $321,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. 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 worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after buying an additional 2,396,134 shares in the last quarter. Invesco Ltd. raised its position in shares of Otis Worldwide by 4.7% in the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock valued at $437,424,000 after buying an additional 190,397 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Otis Worldwide by 16.0% in the 1st 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Otis Worldwide by 9.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,602,727 shares of the company's stock valued at $333,649,000 after buying an additional 316,890 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS stock traded down $0.26 during trading on Friday, reaching $89.12. 3,610,840 shares of the company were exchanged, compared to its average volume of 3,228,639. The company has a 50-day moving average of $90.36 and a two-hundred day moving average of $95.23. The company has a market capitalization of $34.98 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 4.30 and a beta of 0.98. 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 announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) 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 firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the prior year, the company posted $1.06 EPS. The company's 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, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide's dividend payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on OTIS. 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. 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. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. 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, Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average 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.