Otis Worldwide Corporation $OTIS Shares Acquired by Sciencast Management LP

Key Points

• Sciencast Management LP increased its stake in Otis Worldwide Corporation by 21.7%, now owning 34,921 shares valued at approximately $3.6 million.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, representing a 1.9% dividend yield, with a payout ratio of 44.44%.
• The stock has seen significant institutional interest, with 88.03% of shares owned by institutional investors, and various analysts adjusting their price targets for the stock.

Sciencast Management LP raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 21.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,921 shares of the company's stock after purchasing an additional 6,234 shares during the period. Otis Worldwide accounts for approximately 0.8% of Sciencast Management LP's investment portfolio, making the stock its 16th biggest holding. Sciencast Management LP's holdings in Otis Worldwide were worth $3,604,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in OTIS. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after buying an additional 2,396,134 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after buying an additional 1,591,450 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Otis Worldwide during the first quarter valued at $91,989,000. GAMMA Investing LLC grew its holdings in shares of Otis Worldwide by 12,162.8% during the first 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 last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after buying an additional 571,489 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.6%

OTIS stock opened at $87.00 on Monday. The company's 50-day simple moving average is $91.50 and its 200-day simple moving average is $95.58. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a market cap of $34.15 billion, a P/E ratio of 23.02, a PEG ratio of 4.19 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 company posted $1.06 EPS. The company's revenue for the quarter was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OTIS shares. JPMorgan Chase & Co. dropped 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. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Barclays lowered their price target 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. Morgan Stanley upped their price target 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. Finally, Wells Fargo & Company lowered their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $102.50.

About Otis Worldwide

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.

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