Otis Worldwide Corporation (NYSE:OTIS) Shares Acquired by R Squared Ltd

Key Points

• R Squared Ltd significantly increased its stake in Otis Worldwide Corporation by 813.2% during the first quarter, bringing its total holdings to 4,840 shares valued at approximately $499,000.
• Several large investors have also made substantial adjustments to their holdings, with GAMMA Investing LLC increasing its position by a remarkable 12,162.8% and owning over 820,000 shares.
• Analysts have set varied price targets for Otis Worldwide, with an average target of $102.50, while some firms have reduced their price targets, indicating a mixed outlook for the stock.

R Squared Ltd lifted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 813.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,840 shares of the company's stock after purchasing an additional 4,310 shares during the period. R Squared Ltd's holdings in Otis Worldwide were worth $499,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Transce3nd LLC purchased a new position in Otis Worldwide in the 4th quarter valued at $25,000. NBC Securities Inc. purchased a new stake in Otis Worldwide during the first quarter worth about $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $28,000. Wayfinding Financial LLC purchased a new position in Otis Worldwide in the first quarter valued at $31,000. Finally, Orion Capital Management LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at $35,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OTIS. Royal Bank Of Canada cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Barclays lowered their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price for the company. Wells Fargo & Company decreased their price target 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. Finally, Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Price Performance

OTIS stock traded up $0.44 during midday trading on Monday, reaching $85.37. 3,632,597 shares of the company were exchanged, compared to its average volume of 3,302,075. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business has a 50-day moving average price of $95.84 and a two-hundred day moving average price of $97.14. The firm has a market capitalization of $33.50 billion, a price-to-earnings ratio of 22.58, a price-to-earnings-growth ratio of 4.08 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the company posted $1.06 earnings per share. The firm's revenue for the quarter was down .2% on a year-over-year basis. As a group, 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 disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio is 44.44%.

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.