Public Sector Pension Investment Board Increases Stake in Otis Worldwide Corporation $OTIS

Key Points

• The Public Sector Pension Investment Board increased its stake in Otis Worldwide Corporation by 7.5% during Q1, acquiring a total of 53,567 shares valued at approximately $5.5 million.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, resulting in an annual yield of 1.9% and a dividend payout ratio of 44.44%.
• Analysts have set a consensus target price of $102.50 for Otis Worldwide, with ratings ranging from sell to hold, and only two analysts recommending a buy.

Public Sector Pension Investment Board boosted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 53,567 shares of the company's stock after acquiring an additional 3,718 shares during the period. Public Sector Pension Investment Board's holdings in Otis Worldwide were worth $5,528,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Independent Advisor Alliance raised its position in shares of Otis Worldwide by 19.0% in the first quarter. Independent Advisor Alliance now owns 4,956 shares of the company's stock valued at $511,000 after purchasing an additional 793 shares during the period. Nuveen LLC bought a new stake in shares of Otis Worldwide in the first quarter valued at approximately $91,989,000. Cooper Financial Group raised its position in shares of Otis Worldwide by 10.1% in the first quarter. Cooper Financial Group now owns 7,279 shares of the company's stock valued at $751,000 after purchasing an additional 666 shares during the period. Invesco Ltd. raised its position in shares of Otis Worldwide by 4.7% in the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock valued at $437,424,000 after purchasing an additional 190,397 shares during the period. Finally, Covestor Ltd raised its position in shares of Otis Worldwide by 443.6% in the first quarter. Covestor Ltd now owns 1,283 shares of the company's stock valued at $132,000 after purchasing an additional 1,047 shares during the period. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 0.6%

NYSE:OTIS traded up $0.5310 during mid-day trading on Wednesday, hitting $89.1210. 6,282,385 shares of the stock traded hands, compared to its average volume of 2,793,383. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The company has a market cap of $34.98 billion, a PE ratio of 23.58, a price-to-earnings-growth ratio of 4.21 and a beta of 0.95. The business's 50-day moving average price is $93.88 and its 200 day moving average price is $96.43.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly 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 business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company earned $1.06 EPS. The business's quarterly 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. Analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Analyst Ratings Changes

Several analysts have recently issued reports on OTIS shares. JPMorgan Chase & Co. lowered their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Morgan Stanley boosted their price target on shares of 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 raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. 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. Finally, Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $102.50.

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.