Sumitomo Mitsui DS Asset Management Company Ltd Has $4.96 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Otis Worldwide Corporation by 11.6% in Q2, increasing its holdings to approximately $4.96 million in value.
• Shares of Otis Worldwide opened at $89.25, with a 12-month low of $84.25 and a high of $106.83, reflecting a 1.2% decline recently.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, with an annualized dividend yield of 1.9%.

Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 11.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,066 shares of the company's stock after buying an additional 5,200 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Otis Worldwide were worth $4,958,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after purchasing an additional 110 shares in the last quarter. Graypoint LLC boosted its stake in 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 buying an additional 147 shares in the last quarter. Courier Capital LLC boosted its stake in 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 buying an additional 150 shares in the last quarter. Venture Visionary Partners LLC boosted its stake in Otis Worldwide by 0.7% during the first quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock worth $2,297,000 after buying an additional 155 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Otis Worldwide by 16.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company's stock worth $113,000 after buying an additional 158 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the topic of several recent research reports. Royal Bank Of Canada decreased their target price 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. Zacks Research lowered shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Barclays decreased their price objective on 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 issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $103.00.

Otis Worldwide Stock Down 1.2%

Shares of OTIS opened at $89.25 on Friday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm has a market capitalization of $35.03 billion, a PE ratio of 23.61, a price-to-earnings-growth ratio of 4.35 and a beta of 0.98. The stock's fifty day simple moving average is $89.36 and its 200-day simple moving average is $94.92.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the firm posted $1.06 earnings per share. 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. Analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date 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%.

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.

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