USS Investment Management Ltd Trims Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• USS Investment Management Ltd reduced its stake in Otis Worldwide Corporation by 0.8%, holding 2,273,604 shares valued at approximately $234.63 million, making it the firm's 11th largest position.
• Otis Worldwide reported $1.05 EPS for the last quarter, exceeding estimates, while its revenue fell 0.2% year-over-year to $3.60 billion.
• The company's dividend yield is currently 1.9%, with a quarterly payout of $0.42, reflecting a payout ratio of 44.44%.

USS Investment Management Ltd lowered its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,273,604 shares of the company's stock after selling 19,458 shares during the period. Otis Worldwide makes up approximately 1.8% of USS Investment Management Ltd's portfolio, making the stock its 11th biggest holding. USS Investment Management Ltd owned about 0.58% of Otis Worldwide worth $234,625,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. UniSuper Management Pty Ltd increased its holdings in shares of Otis Worldwide by 672.7% in the first quarter. UniSuper Management Pty Ltd now owns 270,630 shares of the company's stock valued at $27,929,000 after purchasing an additional 235,608 shares during the period. Plancorp LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $205,000. Nissay Asset Management Corp Japan ADV increased its holdings in shares of Otis Worldwide by 1.0% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 48,545 shares of the company's stock valued at $5,010,000 after purchasing an additional 486 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Otis Worldwide by 3.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,188 shares of the company's stock valued at $4,767,000 after purchasing an additional 1,616 shares during the period. Finally, Eventide Asset Management LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $549,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS traded down $0.38 during trading on Wednesday, reaching $87.64. 2,483,865 shares of the stock were exchanged, compared to its average volume of 2,818,622. The business's 50 day moving average price is $91.01 and its two-hundred day moving average price is $95.44. The company has a market capitalization of $34.39 billion, a price-to-earnings ratio of 23.18, a P/E/G ratio of 4.20 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83.

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

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

OTIS has been the topic of a number of recent research reports. Barclays dropped their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company decreased their price target on 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. Royal Bank Of Canada decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Finally, Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average price target of $102.50.

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.