PineStone Asset Management Inc. Increases Stake in Otis Worldwide Corporation $OTIS

Key Points

• PineStone Asset Management Inc. increased its stake in Otis Worldwide Corporation by 13.3%, acquiring an additional 543,933 shares during the 2nd quarter, bringing its total holdings to approximately $459.36 million.
• As of the latest report, institutional investors own 88.03% of Otis Worldwide's stock, reflecting strong confidence in the company.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, yielding 1.9%, with a payout ratio of 44.44%.

PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 4,639,065 shares of the company's stock after acquiring an additional 543,933 shares during the period. Otis Worldwide makes up approximately 3.0% of PineStone Asset Management Inc.'s holdings, making the stock its 12th biggest position. PineStone Asset Management Inc. owned approximately 1.18% of Otis Worldwide worth $459,360,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of OTIS. NBC Securities Inc. bought a new position in Otis Worldwide during the 1st quarter valued at about $25,000. Wayfinding Financial LLC bought a new position in Otis Worldwide during the 1st quarter valued at about $31,000. Cheviot Value Management LLC bought a new position in Otis Worldwide during the 1st quarter valued at about $31,000. Flaharty Asset Management LLC bought a new position in Otis Worldwide during the 1st quarter valued at about $38,000. Finally, Toth Financial Advisory Corp bought a new position in Otis Worldwide during the 2nd quarter valued at about $45,000. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective on the stock. Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Barclays lowered their price objective on shares of 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, Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Trading Up 0.8%

NYSE OTIS opened at $89.40 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a market cap of $35.09 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 4.27 and a beta of 0.98. The company's 50 day moving average is $88.47 and its two-hundred day moving average is $94.53.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the business earned $1.06 EPS. The firm's revenue was down .2% compared to the same quarter last year. 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 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a dividend of $0.42 per share. The ex-dividend date was 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 (DPR) 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.

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.