JPMorgan Chase & Co. Increases Stake in Otis Worldwide Corporation (NYSE:OTIS)

Key Points

• JPMorgan Chase & Co. raised its stake in Otis Worldwide Corporation by 6.7%, holding approximately 37.9 million shares valued at $3.91 billion.
• Otis Worldwide recently reported earnings of $1.05 per share for the quarter, exceeding expectations and generating a revenue of $3.60 billion, albeit down slightly compared to the previous year.
• The company announced a quarterly dividend of $0.42, yielding an annualized dividend of $1.68, representing a payout ratio of 44.44% for shareholders.

JPMorgan Chase & Co. increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,920,025 shares of the company's stock after purchasing an additional 2,396,134 shares during the quarter. JPMorgan Chase & Co. owned approximately 9.61% of Otis Worldwide worth $3,913,347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. Transce3nd LLC bought a new stake in Otis Worldwide during the 4th quarter worth approximately $25,000. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the 1st quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new position in shares of Otis Worldwide in the 4th quarter worth $28,000. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide in the 1st quarter worth $31,000. Finally, Cheviot Value Management LLC bought a new position in shares of Otis Worldwide in the 1st quarter worth $31,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $1.41 during trading hours on Monday, hitting $86.06. The stock had a trading volume of 4,171,302 shares, compared to its average volume of 3,979,791. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The stock's 50-day moving average price is $94.75 and its two-hundred day moving average price is $96.76. The stock has a market capitalization of $33.78 billion, a price-to-earnings ratio of 22.77, a PEG ratio of 4.20 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during 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 business's revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 earnings per share. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Barclays cut their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Finally, Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide 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.