Northwestern Mutual Wealth Management Co. Acquires 6,326 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Northwestern Mutual Wealth Management Co. increased its stake in Otis Worldwide Corporation by 21.9% in Q1 2023, bringing its holdings to 35,191 shares valued at approximately $3.63 million.
• Otis Worldwide reported earnings per share (EPS) of $1.05, beating estimates, but its quarterly revenue of $3.60 billion fell short of expectations.
• The company has recently announced a quarterly dividend of $0.42 per share, with an annualized yield of 1.9% and a payout ratio of 44.44%.

Northwestern Mutual Wealth Management Co. increased its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 21.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,191 shares of the company's stock after buying an additional 6,326 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Otis Worldwide were worth $3,632,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in OTIS. NBC Securities Inc. acquired a new position in Otis Worldwide during the 1st quarter valued at about $25,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide during the 1st quarter valued at about $31,000. Cheviot Value Management LLC acquired a new position in Otis Worldwide during the 1st quarter valued at about $31,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the 4th quarter valued at about $35,000. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $39,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on OTIS shares. Wells Fargo & Company dropped their target price on shares of 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Two investment 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. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.17 during mid-day trading on Friday, reaching $86.42. The company's stock had a trading volume of 2,154,688 shares, compared to its average volume of 3,943,596. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The company has a market capitalization of $33.92 billion, a P/E ratio of 22.86, a PEG ratio of 4.16 and a beta of 0.98. The firm's fifty day moving average price is $92.58 and its two-hundred day moving average price is $95.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $3.73 billion. During the same period in the previous year, the business earned $1.06 EPS. The business's revenue for the quarter 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, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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 $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's payout ratio is 44.44%.

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.