T. Rowe Price Investment Management Inc. Buys Shares of 5,922 Otis Worldwide Corporation $OTIS

Key Points

• T. Rowe Price Investment Management Inc. has made a new investment of approximately $612,000 in Otis Worldwide Corporation, acquiring 5,922 shares according to their SEC filing.
• Analysts have set varying price targets for Otis Worldwide, with estimates ranging from $93.00 to $105.00, highlighting a consensus rating of "Hold" with a price target of $102.50.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, representing an annualized dividend of $1.68, with a current dividend yield of 1.9%.

T. Rowe Price Investment Management Inc. bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,922 shares of the company's stock, valued at approximately $612,000.

Several other hedge funds also recently added to or reduced their stakes in OTIS. Capital Fund Management S.A. boosted its stake in Otis Worldwide by 498.4% in the first quarter. Capital Fund Management S.A. now owns 200,843 shares of the company's stock valued at $20,727,000 after acquiring an additional 167,280 shares during the period. Capital Analysts LLC raised its stake in Otis Worldwide by 26.5% during the 1st quarter. Capital Analysts LLC now owns 988 shares of the company's stock valued at $102,000 after purchasing an additional 207 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Otis Worldwide during the 1st quarter valued at $8,974,000. EntryPoint Capital LLC purchased a new position in shares of Otis Worldwide during the 1st quarter valued at $231,000. Finally, Venture Visionary Partners LLC boosted its holdings in Otis Worldwide by 0.7% in the first quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock worth $2,297,000 after purchasing an additional 155 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Barclays decreased their price target 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. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a research report on Thursday, July 24th. Finally, Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company 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 assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Price Performance

Shares of OTIS traded up $0.17 during trading hours on Friday, hitting $86.42. The company's stock had a trading volume of 2,154,688 shares, compared to its average volume of 2,834,267. The business has a 50 day simple moving average of $92.74 and a two-hundred day simple moving average of $96.06. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The company has a market cap of $33.92 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 4.22 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping 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 firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period in the previous year, the business posted $1.06 EPS. The business's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is 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.