Quantitative Investment Management LLC Invests $1.58 Million in Otis Worldwide Corporation $OTIS

Key Points

• Quantitative Investment Management LLC has acquired 15,350 shares of Otis Worldwide Corporation, valued at approximately $1,584,000, indicating increased institutional interest in the company.
• Analysts have mixed ratings on Otis Worldwide, with two Buy ratings, five Hold ratings, and one Sell rating, while the average target price is set at $102.50.
• Otis Worldwide announced a quarterly dividend of $0.42, reflecting a 1.9% dividend yield and a payout ratio of 44.44%, which may appeal to income-focused investors.

Quantitative Investment Management LLC acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 15,350 shares of the company's stock, valued at approximately $1,584,000.

Several other large investors also recently bought and sold shares of OTIS. JPMorgan Chase & Co. increased its holdings in Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Vanguard Group Inc. increased its holdings in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares during the period. Nuveen LLC purchased a new stake in Otis Worldwide during the 1st quarter worth about $91,989,000. GAMMA Investing LLC increased its holdings in Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock worth $84,701,000 after purchasing an additional 814,057 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in Otis Worldwide during the 4th quarter worth about $66,962,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on OTIS shares. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. 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. 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. JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began 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. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Price Performance

Shares of OTIS stock traded up $0.17 during trading hours on Friday, reaching $86.42. 1,146,948 shares of the company's stock were exchanged, compared to its average volume of 2,827,150. The company has a market cap of $33.92 billion, a P/E ratio of 22.86, a price-to-earnings-growth ratio of 4.22 and a beta of 0.95. The company's 50 day moving average is $92.74 and its two-hundred day moving average is $96.06. 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 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 business 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 company's revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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