Otis Worldwide Corporation $OTIS is AlphaQuest LLC's 10th Largest Position

Key Points

• AlphaQuest LLC has significantly increased its stake in Otis Worldwide Corporation by 253.5% during the first quarter, making the stock its 10th largest holding, with a total worth of $3,406,000.
• Several institutional investors, including Assenagon Asset Management, have also increased their positions in Otis Worldwide, highlighting growing confidence in the company among significant shareholders.
• Analysts have mixed predictions for Otis Worldwide, with target prices for the company's stock ranging from $90.00 to $109.00, resulting in a consensus rating of "Hold" and a price target of $102.50.

AlphaQuest LLC increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 253.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 33,007 shares of the company's stock after buying an additional 23,669 shares during the period. Otis Worldwide accounts for about 0.4% of AlphaQuest LLC's portfolio, making the stock its 10th largest holding. AlphaQuest LLC's holdings in Otis Worldwide were worth $3,406,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Kestra Advisory Services LLC boosted its holdings in shares of Otis Worldwide by 1.9% during the 1st quarter. Kestra Advisory Services LLC now owns 18,408 shares of the company's stock worth $1,900,000 after buying an additional 335 shares during the period. Wescott Financial Advisory Group LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth about $203,000. Compound Planning Inc. bought a new stake in shares of Otis Worldwide during the 1st quarter worth about $314,000. Norinchukin Bank The boosted its holdings in shares of Otis Worldwide by 14.7% during the 1st quarter. Norinchukin Bank The now owns 20,800 shares of the company's stock worth $2,147,000 after buying an additional 2,667 shares during the period. Finally, Clarkston Capital Partners LLC boosted its holdings in shares of Otis Worldwide by 2.4% during the 1st quarter. Clarkston Capital Partners LLC now owns 96,668 shares of the company's stock worth $9,976,000 after buying an additional 2,263 shares during the period. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent research reports. Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Barclays lowered 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 report on Thursday, July 24th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $1.6550 during midday trading on Monday, reaching $86.9250. 3,300,092 shares of the stock were exchanged, compared to its average volume of 2,820,929. The company's fifty day moving average is $93.42 and its 200-day moving average is $96.31. The firm has a market cap of $34.12 billion, a PE ratio of 23.00, a PEG ratio of 4.26 and a beta of 0.95. 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 released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping 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 business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company earned $1.06 EPS. The business's quarterly revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend 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.