Voleon Capital Management LP Invests $1.41 Million in Otis Worldwide Corporation $OTIS

Key Points

• Voleon Capital Management LP has acquired a new stake in Otis Worldwide Corporation valued at approximately $1.41 million, purchasing 13,661 shares in the first quarter.
• Otis reported earnings per share of $1.05 for the last quarter, exceeding estimates, although revenue was slightly below expectations at $3.60 billion.
• The company recently declared a quarterly dividend of $0.42, equating to an annualized yield of 1.9%, with a payout ratio of 44.44%.

Voleon Capital Management LP purchased a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 13,661 shares of the company's stock, valued at approximately $1,410,000.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Cetera Investment Advisers grew its holdings in Otis Worldwide by 4.3% in the fourth quarter. Cetera Investment Advisers now owns 46,797 shares of the company's stock worth $4,334,000 after purchasing an additional 1,943 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Otis Worldwide by 3.4% during the fourth quarter. EP Wealth Advisors LLC now owns 6,625 shares of the company's stock valued at $614,000 after buying an additional 218 shares during the last quarter. Focus Partners Wealth grew its holdings in shares of Otis Worldwide by 51.0% during the fourth quarter. Focus Partners Wealth now owns 34,386 shares of the company's stock valued at $3,184,000 after buying an additional 11,615 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Otis Worldwide by 7.1% during the fourth quarter. Janus Henderson Group PLC now owns 70,485 shares of the company's stock valued at $6,527,000 after buying an additional 4,674 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Otis Worldwide by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,572 shares of the company's stock valued at $4,128,000 after buying an additional 1,515 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the topic of a number of research analyst reports. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, July 24th. Finally, Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Trading Down 0.3%

Shares of Otis Worldwide stock traded down $0.26 during trading hours on Friday, reaching $89.12. The stock had a trading volume of 3,610,840 shares, compared to its average volume of 3,228,639. The stock's 50 day moving average is $90.36 and its 200 day moving average is $95.23. The firm has a market capitalization of $34.98 billion, a PE ratio of 23.58, a PEG ratio of 4.30 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate 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 was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

About Otis Worldwide

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.