Otis Worldwide Corporation $OTIS Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in Otis Worldwide by 62.6% in the 2nd quarter, owning 713,614 shares valued at approximately $70.7 million.
• Recent analyst reports show mixed ratings for Otis Worldwide, with price targets ranging from $90 to $109, resulting in an average rating of "Hold".
• Otis Worldwide reported a quarterly earnings per share (EPS) of $1.05, exceeding estimates, but experienced a slight year-over-year decline in revenue.

Assenagon Asset Management S.A. grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 62.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 713,614 shares of the company's stock after purchasing an additional 274,718 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.18% of Otis Worldwide worth $70,662,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the period. Vanguard Group Inc. increased its holdings in shares of Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. Nuveen LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $91,989,000. GAMMA Investing LLC increased its holdings in shares of Otis Worldwide by 12,162.8% in the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after acquiring an additional 814,057 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Otis Worldwide by 16.0% in the 1st 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 period. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Morgan Stanley boosted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft began 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. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $103.00.

Otis Worldwide Stock Performance

OTIS traded up $0.27 on Monday, reaching $89.43. 2,169,040 shares of the company's stock were exchanged, compared to its average volume of 2,856,115. The company's 50 day moving average is $89.36 and its 200-day moving average is $94.82. The company has a market cap of $35.10 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 4.29 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month 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 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm 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 was Friday, August 15th. Otis Worldwide's dividend 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.