National Bank of Canada FI Boosts Position in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• National Bank of Canada FI has boosted its holdings in Otis Worldwide Corporation by 30.3%, now owning approximately $34.5 million worth of shares after acquiring an additional 77,763 shares in the first quarter.
• Otis Worldwide reported EPS of $1.05 for the last quarter, exceeding consensus estimates, despite a slight decline in revenue compared to the previous year.
• The company has announced a quarterly dividend of $0.42 per share, representing an annualized yield of 1.9%, with a payout ratio of 44.44%.

National Bank of Canada FI increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 30.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 334,255 shares of the company's stock after purchasing an additional 77,763 shares during the quarter. National Bank of Canada FI owned approximately 0.08% of Otis Worldwide worth $34,494,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new position in Otis Worldwide during the first quarter worth approximately $25,000. Transce3nd LLC acquired a new position in Otis Worldwide during the fourth quarter worth approximately $25,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide during the first quarter worth approximately $31,000. Cheviot Value Management LLC acquired a new position in Otis Worldwide during the first quarter worth approximately $31,000. Finally, Orion Capital Management LLC acquired a new position in Otis Worldwide during the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $87.44 on Friday. The business's fifty day moving average price is $94.92 and its 200 day moving average price is $96.83. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm has a market capitalization of $34.32 billion, a PE ratio of 23.13, a P/E/G ratio of 4.20 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The company 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%. Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 earnings per share. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have commented on OTIS shares. Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Morgan Stanley boosted their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus 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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