Swedbank AB Has $24.15 Million Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Swedbank AB increased its stake in Otis Worldwide Corporation by 8.3%, owning 243,842 shares valued at approximately $24.15 million as of the latest disclosure.
• Analysts have mixed ratings on Otis, with two rated as Buy, five as Hold, and two as Sell, alongside an average price target of $103.00.
• The company recently announced a quarterly dividend of $0.42 per share, reflecting a 1.9% yield based on an annualized basis.

Swedbank AB boosted its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 243,842 shares of the company's stock after purchasing an additional 18,700 shares during the period. Swedbank AB owned 0.06% of Otis Worldwide worth $24,145,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in Otis Worldwide by 15.3% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock valued at $85,000 after purchasing an additional 110 shares during the last quarter. Graypoint LLC boosted its position in Otis Worldwide by 3.4% during the first quarter. Graypoint LLC now owns 4,414 shares of the company's stock valued at $456,000 after purchasing an additional 147 shares during the last quarter. Courier Capital LLC boosted its position in Otis Worldwide by 6.2% during the first quarter. Courier Capital LLC now owns 2,566 shares of the company's stock valued at $265,000 after purchasing an additional 150 shares during the last quarter. Venture Visionary Partners LLC boosted its position in Otis Worldwide by 0.7% during the first quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock valued at $2,297,000 after purchasing an additional 155 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in Otis Worldwide by 16.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company's stock valued at $113,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OTIS. Zacks Research cut Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday. Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Finally, Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $103.00.

Otis Worldwide Price Performance

Shares of OTIS opened at $89.25 on Friday. The company has a market capitalization of $35.03 billion, a P/E ratio of 23.61, a PEG ratio of 4.29 and a beta of 0.98. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business's 50 day simple moving average is $89.36 and its 200-day simple moving average is $94.87.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the business earned $1.06 EPS. The business'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. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company 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 1.9%. 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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