Vident Advisory LLC Buys 5,898 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Vident Advisory LLC increased its stake in Otis Worldwide Corporation by 72.9%, acquiring an additional 5,898 shares to hold a total of 13,994 shares valued at approximately $1.44 million.
• Otis Worldwide reported earnings per share (EPS) of $1.05 for the last quarter, exceeding estimates by $0.02, but experienced a slight revenue decline of 0.2% year-over-year.
• The company announced a quarterly dividend of $0.42 per share, with a yield of 2.0%, scheduled for payment on September 5th, to shareholders of record by August 15th.

Vident Advisory LLC lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 72.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,994 shares of the company's stock after buying an additional 5,898 shares during the period. Vident Advisory LLC's holdings in Otis Worldwide were worth $1,444,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company's stock worth $85,000 after purchasing an additional 110 shares during the period. Graypoint LLC boosted its holdings in shares of Otis Worldwide by 3.4% in the 1st quarter. Graypoint LLC now owns 4,414 shares of the company's stock worth $456,000 after purchasing an additional 147 shares during the period. Courier Capital LLC lifted its stake in shares of Otis Worldwide by 6.2% during the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company's stock worth $265,000 after acquiring an additional 150 shares during the last quarter. Venture Visionary Partners LLC lifted its stake in shares of Otis Worldwide by 0.7% during the 1st quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company's stock worth $2,297,000 after acquiring an additional 155 shares during the last quarter. Finally, Foyston Gordon & Payne Inc lifted its stake in shares of Otis Worldwide by 0.3% during the 4th quarter. Foyston Gordon & Payne Inc now owns 56,094 shares of the company's stock worth $5,195,000 after acquiring an additional 156 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada decreased their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Finally, Morgan Stanley raised their price target on 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 analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.50 on Friday, reaching $87.00. 3,034,869 shares of the stock traded hands, compared to its average volume of 3,302,948. The company has a fifty day moving average price of $91.50 and a 200-day moving average price of $95.60. The company has a market cap of $34.14 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 4.19 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month 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 for the quarter, beating analysts' consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates 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 revenue was down .2% on a year-over-year basis. During the same period in the previous year, the company 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 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared 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 of this dividend was Friday, August 15th. Otis Worldwide's payout ratio is presently 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.