State of Wyoming Increases Position in Otis Worldwide Corporation $OTIS

Key Points

• The State of Wyoming increased its stake in Otis Worldwide Corporation by 278.6%, owning 7,406 shares valued at approximately $764,000 as of the latest SEC filing.
• Analysts have mixed views on Otis Worldwide, with a consensus rating of "Hold" and an average price target of $102.50, reflecting varied expectations for the company's stock performance.
• Otis Worldwide recently declared a quarterly dividend of $0.42 per share, representing an annualized yield of 1.9%, with a payout ratio of 44.44%.

State of Wyoming raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 278.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,406 shares of the company's stock after acquiring an additional 5,450 shares during the period. State of Wyoming's holdings in Otis Worldwide were worth $764,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Coldstream Capital Management Inc. boosted its stake in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock valued at $249,000 after acquiring an additional 109 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its stake in shares of Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after buying an additional 110 shares during the period. AlTi Global Inc. lifted its stake in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company's stock worth $223,000 after buying an additional 113 shares during the period. Graypoint LLC raised its holdings in shares of Otis Worldwide by 3.4% during the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after purchasing an additional 147 shares during the last quarter. Finally, Courier Capital LLC raised its holdings in shares of Otis Worldwide by 6.2% during the first quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after purchasing an additional 150 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OTIS shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Morgan Stanley boosted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Finally, Barclays decreased their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $0.69 during trading hours on Tuesday, reaching $85.69. The stock had a trading volume of 1,356,079 shares, compared to its average volume of 2,823,989. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm's 50 day moving average is $92.39 and its 200-day moving average is $95.90. The stock has a market capitalization of $33.63 billion, a price-to-earnings ratio of 22.67, a P/E/G ratio of 4.16 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company's revenue was down .2% on a year-over-year basis. During the same period last year, the firm posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Analysts forecast 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 paid a dividend of $0.42 per share. The ex-dividend date is Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. Otis Worldwide's dividend payout ratio is currently 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.