Sarasin & Partners LLP Has $354.63 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Sarasin & Partners LLP reduced its stake in Otis Worldwide Corporation by 1.7%, now holding approximately $354.63 million worth of shares.
• Analysts have varying ratings on Otis Worldwide, with two giving a Buy rating and Zacks downgrading it to a strong sell, while the average rating remains a Hold.
• Otis Worldwide has declared a quarterly dividend of $0.42, resulting in an annualized dividend yield of 1.9% and a payout ratio of 44.44%.

Sarasin & Partners LLP lessened its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,581,396 shares of the company's stock after selling 60,804 shares during the quarter. Otis Worldwide accounts for 3.5% of Sarasin & Partners LLP's portfolio, making the stock its 8th largest position. Sarasin & Partners LLP owned about 0.91% of Otis Worldwide worth $354,630,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OTIS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Otis Worldwide by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,572 shares of the company's stock worth $4,128,000 after purchasing an additional 1,515 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Otis Worldwide by 21.9% in the fourth quarter. Royal Bank of Canada now owns 879,250 shares of the company's stock worth $81,427,000 after purchasing an additional 158,079 shares during the last quarter. Toronto Dominion Bank grew its holdings in shares of Otis Worldwide by 56.5% in the fourth quarter. Toronto Dominion Bank now owns 219,473 shares of the company's stock worth $20,325,000 after purchasing an additional 79,200 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Otis Worldwide by 6.4% in the fourth quarter. Tidal Investments LLC now owns 34,524 shares of the company's stock worth $3,197,000 after purchasing an additional 2,079 shares during the last quarter. Finally, Vident Advisory LLC grew its holdings in shares of Otis Worldwide by 14.4% in the fourth quarter. Vident Advisory LLC now owns 8,096 shares of the company's stock worth $750,000 after purchasing an additional 1,022 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented 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 on the stock in a report on Monday, July 28th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Zacks Research downgraded Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Stock Down 0.4%

Shares of OTIS stock opened at $89.23 on Wednesday. The business has a 50-day simple moving average of $89.95 and a 200-day simple moving average of $95.10. The stock has a market cap of $35.02 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 4.31 and a beta of 0.98. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

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. The company had revenue of $3.60 billion during 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%.Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date of this dividend 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 is presently 44.44%.

Otis Worldwide Company 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.

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