Otis Worldwide Corporation $OTIS Position Lifted by ASR Vermogensbeheer N.V.

ASR Vermogensbeheer N.V. grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,610 shares of the company’s stock after acquiring an additional 705 shares during the period. ASR Vermogensbeheer N.V.’s holdings in Otis Worldwide were worth $2,140,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after acquiring an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after acquiring an additional 543,933 shares in the last quarter. Invesco Ltd. grew its holdings in Otis Worldwide by 4.7% during the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock worth $437,424,000 after acquiring an additional 190,397 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after acquiring an additional 571,489 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OTIS. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, September 18th. Royal Bank Of Canada decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Zacks Research lowered shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a report on Thursday, July 24th. Finally, Wolfe Research raised shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Stock Down 0.7%

Shares of NYSE:OTIS opened at $91.57 on Friday. The company has a market cap of $35.94 billion, a PE ratio of 24.23, a P/E/G ratio of 4.40 and a beta of 1.00. The company’s 50-day moving average price is $88.13 and its 200 day moving average price is $94.09. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion for 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%. Otis Worldwide’s quarterly revenue was down .2% compared to the same quarter last year. During the same period last year, the firm posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) 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.