Otis Worldwide Corporation $OTIS Shares Bought by TD Asset Management Inc

Key Points

• TD Asset Management Inc increased its holdings in Otis Worldwide Corporation by 3.2% during the second quarter, owning approximately 198,630 shares valued at $19.7 million.
• Otis Worldwide reported a $1.05 earnings per share for the latest quarter, surpassing analysts' expectations, despite a slight decline in year-over-year revenue.
• The company recently declared a quarterly dividend of $0.42, indicating a yield of 1.8% and a payout ratio of 44.44%.

TD Asset Management Inc raised its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,630 shares of the company's stock after acquiring an additional 6,192 shares during the quarter. TD Asset Management Inc owned approximately 0.05% of Otis Worldwide worth $19,668,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Kingswood Wealth Advisors LLC acquired a new position in Otis Worldwide in the 1st quarter valued at $225,000. Sowell Financial Services LLC purchased a new stake in shares of Otis Worldwide during the first quarter worth $291,000. CWA Asset Management Group LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at about $262,000. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 6.7% in the first 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 in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Otis Worldwide by 1.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company's stock worth $3,269,000 after buying an additional 371 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $91.39 on Friday. The firm has a 50 day simple moving average of $88.92 and a 200-day simple moving average of $93.34. The stock has a market cap of $35.87 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 3.56 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion for 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%.The firm's quarterly revenue was down .2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide's payout ratio is 44.44%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OTIS shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Morgan Stanley upped 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. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Finally, Wells Fargo & Company raised their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $104.63.

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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.