Hsbc Holdings PLC lifted its position in Otis Worldwide Corporation (NYSE:OTIS – Free Report) by 68.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,269,413 shares of the company’s stock after purchasing an additional 513,778 shares during the quarter. Hsbc Holdings PLC owned approximately 0.33% of Otis Worldwide worth $90,918,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. BlackRock Inc. purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at approximately $2,264,017,000. Norges Bank acquired a new position in shares of Otis Worldwide during the 4th quarter worth $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Otis Worldwide during the second quarter worth about $423,739,000. Canada Pension Plan Investment Board purchased a new position in Otis Worldwide in the 2nd quarter valued at approximately $223,003,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Otis Worldwide in the second quarter valued at $196,298,000. 88.03% of the stock is owned by hedge funds and other institutional investors.
Otis Worldwide Stock Performance
NYSE:OTIS opened at $71.19 on Monday. The company has a market capitalization of $27.10 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88. The stock has a 50-day simple moving average of $72.37 and a 200 day simple moving average of $76.27. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57.
Otis Worldwide Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio is 45.24%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently weighed in on OTIS shares. Sanford C. Bernstein dropped their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research note on Tuesday, July 28th. Evercore reiterated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $92.91.
Check Out Our Latest Stock Analysis on Otis Worldwide
Otis Worldwide Profile
Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.
In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.
Recommended Stories
- Five stocks we like better than Otis Worldwide
- AI Token Costs Are Changing the Hardware vs. Software Debate
- 3 ETFs That Could Move as Rate Expectations Shift
- 3 Stocks With September Catalysts Investors Shouldn’t Ignore
- Ollie’s Bargain Outlet Stock Falls on Weak Comps Despite Margin Gains
Receive News & Ratings for Otis Worldwide Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Otis Worldwide and related companies with MarketBeat.com's FREE daily email newsletter.
