Price T Rowe Associates Inc. MD Has $150.12 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Otis Worldwide Corporation by 15.1%, now owning approximately 1.45 million shares worth around $150 million.
• Otis Worldwide's stock price has increased by 1.0%, with a current market cap of $34.70 billion and a PE ratio of 23.39.
• The company recently declared a quarterly dividend of $0.42 per share, providing an annual yield of 1.9% with a dividend payout ratio of 44.44%.

Price T Rowe Associates Inc. MD reduced its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 15.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,454,650 shares of the company's stock after selling 259,317 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.37% of Otis Worldwide worth $150,120,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. NBC Securities Inc. bought a new stake in Otis Worldwide during the first quarter worth about $25,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Orion Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $35,000. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Otis Worldwide in the fourth quarter valued at $39,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OTIS. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. JPMorgan Chase & Co. dropped their target price 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. Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Finally, Morgan Stanley raised their price objective 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. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.21 during trading hours on Friday, reaching $86.46. 923,210 shares of the stock were exchanged, compared to its average volume of 2,826,440. The firm has a market capitalization of $33.93 billion, a price-to-earnings ratio of 22.88, a P/E/G ratio of 4.22 and a beta of 0.95. The stock's fifty day simple moving average is $92.74 and its 200 day simple moving average is $96.06. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week 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 (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $3.73 billion. During the same period in the previous year, the company posted $1.06 EPS. The firm's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given 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 presently 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.