State of New Jersey Common Pension Fund D Trims Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Otis Worldwide Corporation by 6.7%, now owning 128,861 shares worth approximately $13.3 million.
• Otis Worldwide reported earnings of $1.05 per share for the last quarter, beating estimates, but experienced a slight revenue decline of 0.2% year-over-year.
• The company announced a quarterly dividend of $0.42 to be paid on September 5th, which represents an annual yield of 1.9% with a payout ratio of 44.44%.

State of New Jersey Common Pension Fund D lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 128,861 shares of the company's stock after selling 9,241 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Otis Worldwide were worth $13,298,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Simon Quick Advisors LLC purchased a new position in Otis Worldwide during the 1st quarter worth $443,000. SG Americas Securities LLC acquired a new position in shares of Otis Worldwide during the first quarter worth about $2,533,000. Quintet Private Bank Europe S.A. raised its holdings in Otis Worldwide by 3.4% during the first quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after purchasing an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Otis Worldwide by 362.4% during the first quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after purchasing 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 about $225,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS traded up $0.5310 during midday 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. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock has a market capitalization of $34.98 billion, a PE ratio of 23.58, a P/E/G ratio of 4.21 and a beta of 0.95. The business's 50-day moving average price is $93.88 and its 200 day moving average price is $96.43.

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 the consensus estimate 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the business earned $1.06 earnings per share. The company's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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%.

Analyst Ratings Changes

Several research firms have issued reports on OTIS. Royal Bank Of Canada dropped their target price 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. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Barclays reduced their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Finally, Wells Fargo & Company decreased 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. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average 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.