Northern Trust Corp Has $473.16 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• Northern Trust Corp increased its ownership in Otis Worldwide Corporation by 0.2%, acquiring an additional 7,221 shares to hold a total of 4,584,847 shares, valued at approximately $473.16 million.
• A number of analysts have recently adjusted their price targets for Otis Worldwide, with Morgan Stanley raising it to $105.00 while Barclays lowered it to $90.00, showcasing mixed viewpoints on the stock's potential.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, which translates to an annual yield of 1.9%, indicating a solid return for shareholders.

Northern Trust Corp grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,584,847 shares of the company's stock after purchasing an additional 7,221 shares during the quarter. Northern Trust Corp owned approximately 1.16% of Otis Worldwide worth $473,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. JPMorgan Chase & Co. raised its position in Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after buying an additional 2,396,134 shares during the last quarter. Vanguard Group Inc. boosted its stake in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after buying an additional 1,591,450 shares during the last quarter. Nuveen LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $91,989,000. GAMMA Investing LLC raised its holdings in shares of Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after buying an additional 814,057 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Otis Worldwide during the 4th quarter worth approximately $66,962,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, July 24th. Morgan Stanley increased their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $1.7560 on Monday, reaching $86.8240. 708,936 shares of the stock were exchanged, compared to its average volume of 2,803,770. The stock has a market cap of $34.08 billion, a PE ratio of 22.98, a P/E/G ratio of 4.26 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The stock has a 50 day moving average price of $93.42 and a 200 day moving average price of $96.31.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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 negative return on equity of 30.95% and a net margin of 10.68%.The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the previous year, the firm earned $1.06 earnings per share. The firm'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, research analysts expect 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. Stockholders of record on Friday, August 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is 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.