Retirement Planning Co of New England Inc. Purchases New Position in Otis Worldwide Corporation $OTIS

Key Points

• Retirement Planning Co of New England Inc. acquired 4,160 shares of Otis Worldwide Corporation worth approximately $429,000 in Q1 2023, indicating growing institutional interest in the company.
• Analysts have projected a consensus rating of "Hold" on Otis Worldwide stock, with an average price target of $102.50, reflecting mixed sentiments on the stock's future performance.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, representing an annual yield of 1.9%, with a dividend payout ratio of 44.44%.

Retirement Planning Co of New England Inc. acquired a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,160 shares of the company's stock, valued at approximately $429,000.

Several other institutional investors also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 6.7% in the first 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 last quarter. Vanguard Group Inc. boosted its position in Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the last quarter. Nuveen LLC bought a new stake in Otis Worldwide during the first quarter valued at $91,989,000. GAMMA Investing LLC boosted its position in Otis Worldwide by 12,162.8% during the first quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after acquiring an additional 814,057 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Otis Worldwide during the fourth quarter valued at $66,962,000. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. Morgan Stanley upped 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. 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. Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. cut their price objective 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. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $102.50.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.20 on Wednesday, reaching $85.57. 2,058,295 shares of the company were exchanged, compared to its average volume of 3,761,965. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a market cap of $33.59 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 4.16 and a beta of 0.98. The company has a 50-day moving average of $91.93 and a 200-day moving average of $95.76.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share 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 business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter last year, the firm earned $1.06 EPS. The firm's revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 5th. Investors 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 2.0%. 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.