Swedbank AB Has $24.15 Million Holdings 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 grew its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 8.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 243,842 shares of the company's stock after purchasing an additional 18,700 shares during the quarter. Swedbank AB owned approximately 0.06% of Otis Worldwide worth $24,145,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the first quarter valued at about $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at about $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at about $31,000. Flaharty Asset Management LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at about $38,000. Finally, Ransom Advisory Ltd acquired a new position in shares of Otis Worldwide in the first quarter valued at about $48,000. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Royal Bank Of Canada decreased 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 note on Monday, July 28th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Finally, Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Two investment 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. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $0.48 during mid-day trading on Tuesday, hitting $88.85. The company had a trading volume of 832,934 shares, compared to its average volume of 2,844,551. The firm has a fifty day moving average price of $89.15 and a 200 day moving average price of $94.71. The company has a market capitalization of $34.87 billion, a PE ratio of 23.53, a price-to-earnings-growth 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.

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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. Otis Worldwide's revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's 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.