Otis Worldwide Corporation $OTIS Shares Purchased by Wilmington Savings Fund Society FSB

Wilmington Savings Fund Society FSB increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.1% during the second quarter, Holdings Channel reports. The fund owned 11,253 shares of the company’s stock after acquiring an additional 335 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Otis Worldwide were worth $1,114,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Otis Worldwide by 3.5% during the first 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 during the last quarter. JPMorgan Chase & Co. boosted its position in Otis Worldwide by 6.7% during the first 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 during the last quarter. PineStone Asset Management Inc. boosted its position in Otis Worldwide by 13.3% during the second 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 during the last quarter. Invesco Ltd. boosted its position in Otis Worldwide by 4.7% during the first 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 during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after purchasing an additional 571,489 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday. Royal Bank Of Canada cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Morgan Stanley increased their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Barclays cut 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 note on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $104.63.

Otis Worldwide Trading Down 0.9%

Shares of OTIS stock opened at $90.64 on Friday. The company’s fifty day simple moving average is $88.85 and its 200-day simple moving average is $93.42. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company has a market cap of $35.57 billion, a PE ratio of 23.98, a P/E/G ratio of 3.59 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter last year, the firm posted $1.06 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s dividend payout ratio (DPR) 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.