Wellington Management Group LLP Lowers Stake in Otis Worldwide Corporation $OTIS

Key Points

• Wellington Management Group LLP reduced its stake in Otis Worldwide Corporation by 0.7%, owning approximately 3.73 million shares valued at $385.38 million after selling 24,795 shares in the first quarter.
• Analysts have adjusted their price targets for Otis Worldwide, with a consensus rating of "Hold" and an average price target of $102.50, influenced by various rating changes from firms like Deutsche Bank and Morgan Stanley.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, representing an annualized dividend yield of 1.9%, with a payout ratio currently at 44.44%.

Wellington Management Group LLP lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 0.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,734,343 shares of the company's stock after selling 24,795 shares during the period. Wellington Management Group LLP owned 0.95% of Otis Worldwide worth $385,384,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Simon Quick Advisors LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth $443,000. SG Americas Securities LLC purchased a new position in Otis Worldwide during the first quarter worth about $2,533,000. Quintet Private Bank Europe S.A. increased its stake in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after acquiring an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock valued at $45,294,000 after acquiring an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide in the 1st quarter valued at about $225,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 1.0%

Shares of NYSE:OTIS traded up $0.8370 during trading on Friday, reaching $88.4070. 5,451,393 shares of the company traded hands, compared to its average volume of 4,003,957. The firm has a market capitalization of $34.70 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 4.21 and a beta of 0.95. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The business's fifty day moving average is $93.42 and its 200-day moving average is $96.29.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm 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 quarterly revenue was down .2% compared to the same quarter last year. During the same period 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. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Analyst Ratings Changes

OTIS has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Wells Fargo & Company reduced their target price 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. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. 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 stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $102.50.

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.