Otis Worldwide Corporation (NYSE:OTIS) Shares Bought by Rathbones Group PLC

Key Points

• Rathbones Group PLC increased its stake in Otis Worldwide Corporation by 5.8%, now owning 512,694 shares valued at approximately $52.91 million.
• Otis Worldwide recently reported earnings of $1.05 per share, beating estimates, but its revenue of $3.60 billion fell short of analyst expectations.
• The company declared a quarterly dividend of $0.42 per share, representing an annual yield of 2.0%, with a payout ratio of 44.44%.

Rathbones Group PLC boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 512,694 shares of the company's stock after buying an additional 28,330 shares during the quarter. Rathbones Group PLC owned 0.13% of Otis Worldwide worth $52,910,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Simon Quick Advisors LLC purchased a new position in shares of Otis Worldwide in the first quarter valued at approximately $443,000. SG Americas Securities LLC acquired a new stake in Otis Worldwide in the first quarter valued at approximately $2,533,000. Quintet Private Bank Europe S.A. raised its holdings in Otis Worldwide by 3.4% in the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock valued at $29,921,000 after acquiring an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Otis Worldwide by 362.4% in the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after acquiring an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in Otis Worldwide in the first quarter valued at approximately $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Morgan Stanley raised their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Royal Bank Of Canada reduced their target price 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. cut their price objective 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. 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 stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded down $1.60 during trading on Thursday, hitting $87.63. 2,524,005 shares of the company were exchanged, compared to its average volume of 2,752,333. The company has a market cap of $34.39 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 4.23 and a beta of 0.95. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm's fifty day moving average price is $94.49 and its 200 day moving average price is $96.65.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the business posted $1.06 EPS. Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. On average, research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

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.