Van Lanschot Kempen Investment Management N.V. Has $10.19 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• Van Lanschot Kempen Investment Management N.V. has reduced its stake in Otis Worldwide Corporation by 42.1%, selling 71,810 shares and now holding a total of 98,702 shares worth approximately $10.2 million.
• In contrast, other institutional investors such as JPMorgan Chase & Co. and Vanguard Group Inc. have increased their stakes, with JPMorgan raising its position by 6.7% to hold 37.9 million shares.
• Otis Worldwide recently reported $1.05 EPS for the quarter, exceeding analysts' expectations, although its revenue decreased by 0.2% year-over-year.

Van Lanschot Kempen Investment Management N.V. lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 42.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,702 shares of the company's stock after selling 71,810 shares during the period. Van Lanschot Kempen Investment Management N.V.'s holdings in Otis Worldwide were worth $10,186,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. NBC Securities Inc. bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $25,000. Transce3nd LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $25,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $31,000. Finally, Orion Capital Management LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $35,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 1.9%

Shares of NYSE:OTIS traded down $1.6640 during trading on Monday, reaching $86.9160. 1,023,605 shares of the company traded hands, compared to its average volume of 2,806,226. The firm has a fifty day simple moving average of $93.42 and a 200 day simple moving average of $96.31. The firm has a market cap of $34.11 billion, a P/E ratio of 22.98, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. 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 issued its 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 analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company's revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the business posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's payout ratio is presently 44.44%.

Wall Street Analyst Weigh In

A number of research firms recently commented on OTIS. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. 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 report on Thursday, July 24th. Wells Fargo & Company decreased 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 report on Thursday, July 24th. JPMorgan Chase & Co. decreased 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, Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Two equities research 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. Based on data from MarketBeat, Otis Worldwide currently 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.