Otis Worldwide Corporation $OTIS Shares Purchased by Groupe la Francaise

Key Points

• Groupe la Francaise increased its stake in Otis Worldwide Corporation by 14.2%, now holding 43,418 shares valued at approximately $4.47 million.
• Several institutional investors have adjusted their positions in Otis Worldwide, with hedge funds owning 88.03% of the company’s stock.
• Otis Worldwide reported a quarterly earnings per share of $1.05, beating analysts' expectations, but its revenue of $3.60 billion fell short of forecasts.

Groupe la Francaise lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 14.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,418 shares of the company's stock after purchasing an additional 5,391 shares during the period. Groupe la Francaise's holdings in Otis Worldwide were worth $4,472,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in OTIS. NewEdge Advisors LLC grew its position in shares of Otis Worldwide by 5.6% during the fourth quarter. NewEdge Advisors LLC now owns 9,653 shares of the company's stock worth $894,000 after buying an additional 514 shares in the last quarter. Stifel Financial Corp grew its position in shares of Otis Worldwide by 7.9% during the fourth quarter. Stifel Financial Corp now owns 94,768 shares of the company's stock worth $8,777,000 after buying an additional 6,916 shares in the last quarter. Syon Capital LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $231,000. Coldstream Capital Management Inc. grew its position in shares of Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after buying an additional 109 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $854,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OTIS shares. Morgan Stanley boosted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Wells Fargo & Company lowered their price objective on 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. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Finally, Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $102.50.

Otis Worldwide Price Performance

NYSE OTIS opened at $88.4070 on Friday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The company has a market capitalization of $34.70 billion, a PE ratio of 23.39, a P/E/G ratio of 4.26 and a beta of 0.95. The company has a fifty day moving average of $93.42 and a two-hundred day moving average of $96.30.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 net margin of 10.68% and a negative return on equity of 30.95%. 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. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide's dividend payout ratio is currently 44.44%.

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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