Shell Asset Management Co. Boosts Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Shell Asset Management Co. increased its stake in Otis Worldwide Corporation by 121.7% during the second quarter, now holding 19,370 shares valued at approximately $1.9 million.
• Otis Worldwide's quarterly earnings report showed an EPS of $1.05, beating estimates of $1.03, but revenue fell slightly by 0.2% year-over-year.
• The company recently declared a quarterly dividend of $0.42 per share, resulting in an annualized yield of 1.8% with a payout ratio of 44.44%.

Shell Asset Management Co. raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 121.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,370 shares of the company's stock after acquiring an additional 10,633 shares during the period. Shell Asset Management Co.'s holdings in Otis Worldwide were worth $1,918,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the 1st quarter worth approximately $25,000. Miracle Mile Advisors LLC purchased a new position in shares of Otis Worldwide during the 1st quarter worth approximately $281,000. Courier Capital LLC raised its stake in shares of Otis Worldwide by 6.2% during the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after buying an additional 150 shares in the last quarter. Daymark Wealth Partners LLC raised its stake in shares of Otis Worldwide by 10.0% during the 1st quarter. Daymark Wealth Partners LLC now owns 8,674 shares of the company's stock worth $895,000 after buying an additional 788 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Otis Worldwide by 106.3% during the 1st quarter. Farther Finance Advisors LLC now owns 2,845 shares of the company's stock worth $296,000 after buying an additional 1,466 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OTIS. Royal Bank Of Canada cut their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an "outperform" rating in a research note on Wednesday. Weiss Ratings reissued a "hold (c+)" rating on shares of Otis Worldwide in a research note on Wednesday. Zacks Research downgraded Otis Worldwide from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Finally, Wells Fargo & Company raised their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research note on Monday. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average target price of $103.88.

Otis Worldwide Price Performance

NYSE OTIS opened at $91.26 on Thursday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company has a market capitalization of $35.82 billion, a P/E ratio of 24.14, a PEG ratio of 3.54 and a beta of 1.00. The business has a 50 day moving average price of $88.34 and a 200 day moving average price of $93.92.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate 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 posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was 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.

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