Otis Worldwide Corporation $OTIS Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

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 lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 11.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,066 shares of the company's stock after acquiring 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 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. NBC Securities Inc. acquired a new position in shares of Otis Worldwide during the 1st quarter worth about $25,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $31,000. Flaharty Asset Management LLC purchased a new position in Otis Worldwide during the first quarter worth about $38,000. Finally, Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on OTIS. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a research note on Thursday, September 18th. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $103.00.

Otis Worldwide Stock Down 0.1%

OTIS traded down $0.08 on Tuesday, reaching $89.25. The company had a trading volume of 233,773 shares, compared to its average volume of 2,841,414. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The stock has a market capitalization of $35.03 billion, a PE ratio of 23.69, a P/E/G ratio of 4.29 and a beta of 0.98. The stock has a 50-day moving average price of $89.15 and a 200-day moving average price of $94.71.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced 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. 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 during the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the prior year, the company earned $1.06 earnings per share. The business's revenue 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, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. 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.