Aberdeen Group plc Boosts Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Aberdeen Group plc increased its stake in Otis Worldwide Corporation by 125.2% during the first quarter, owning approximately 319,850 shares valued at $32,673,000.
• Otis Worldwide reported $1.05 earnings per share, exceeding analysts' expectations, but experienced a year-over-year revenue decline of 0.2%.
• The company announced a quarterly dividend of $0.42, resulting in an annual yield of 1.9% and a payout ratio of 44.44%.

Aberdeen Group plc boosted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 125.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,850 shares of the company's stock after acquiring an additional 177,832 shares during the quarter. Aberdeen Group plc owned 0.08% of Otis Worldwide worth $32,673,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Horizon Investments LLC raised its holdings in Otis Worldwide by 3.1% in the first quarter. Horizon Investments LLC now owns 7,486 shares of the company's stock valued at $773,000 after acquiring an additional 225 shares in the last quarter. Kovitz Investment Group Partners LLC raised its holdings in Otis Worldwide by 6.9% in the first quarter. Kovitz Investment Group Partners LLC now owns 10,884 shares of the company's stock valued at $1,123,000 after acquiring an additional 701 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 2.9% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 10,285 shares of the company's stock valued at $1,061,000 after acquiring an additional 292 shares in the last quarter. National Pension Service raised its holdings in Otis Worldwide by 8.5% in the first quarter. National Pension Service now owns 612,935 shares of the company's stock valued at $63,255,000 after acquiring an additional 48,164 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Otis Worldwide by 1.3% in the first quarter. Russell Investments Group Ltd. now owns 1,362,921 shares of the company's stock valued at $140,519,000 after acquiring an additional 17,370 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.5310 during mid-day trading on Wednesday, reaching $89.1210. 6,282,389 shares of the company's stock were exchanged, compared to its average volume of 2,793,461. The stock has a market capitalization of $34.98 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 4.21 and a beta of 0.95. The business's fifty day simple moving average is $93.88 and its 200-day simple moving average is $96.43. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results 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 analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company's revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Analyst Ratings Changes

Several brokerages have commented on OTIS. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average price target 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.