UniSuper Management Pty Ltd Purchases 235,608 Shares of Otis Worldwide Corporation $OTIS

Key Points

• UniSuper Management Pty Ltd significantly increased its stake in Otis Worldwide Corporation by 672.7%, owning approximately 270,630 shares worth about $27.93 million after purchasing over 235,000 additional shares in Q1.
• Otis Worldwide reported a Q2 EPS of $1.05, exceeding estimates, while revenue fell short at $3.60 billion, representing a 0.2% year-over-year decline.
• The company declared a quarterly dividend of $0.42 per share, reflecting an annualized yield of 1.9% and a payout ratio of 44.44%.

UniSuper Management Pty Ltd grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 672.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 270,630 shares of the company's stock after acquiring an additional 235,608 shares during the period. UniSuper Management Pty Ltd owned about 0.07% of Otis Worldwide worth $27,929,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of OTIS. NBC Securities Inc. acquired a new stake in Otis Worldwide during the 1st quarter valued at $25,000. Wayfinding Financial LLC acquired a new stake in Otis Worldwide during the 1st quarter valued at $31,000. Cheviot Value Management LLC acquired a new stake in Otis Worldwide during the 1st quarter valued at $31,000. Orion Capital Management LLC acquired a new stake in Otis Worldwide during the 4th quarter valued at $35,000. Finally, Abound Wealth Management raised its stake in Otis Worldwide by 715.3% during the 1st quarter. Abound Wealth Management now owns 587 shares of the company's stock valued at $61,000 after purchasing an additional 515 shares during the period. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.4%

OTIS stock traded down $0.38 during mid-day trading on Wednesday, reaching $87.64. 2,483,865 shares of the stock traded hands, compared to its average volume of 2,818,622. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The business has a 50-day moving average of $91.01 and a two-hundred day moving average of $95.44. The firm has a market capitalization of $34.39 billion, a PE ratio of 23.18, a P/E/G ratio of 4.20 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's dividend payout ratio is 44.44%.

Analyst Ratings Changes

Several brokerages have issued reports on OTIS. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada dropped 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. Barclays dropped 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. Deutsche Bank Aktiengesellschaft started 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 on the stock. Finally, Wells Fargo & Company dropped their price target 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. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $102.50.

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.