Groupe la Francaise grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 14.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 43,418 shares of the company's stock after purchasing an additional 5,391 shares during the quarter. Groupe la Francaise's holdings in Otis Worldwide were worth $4,472,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the business. Simon Quick Advisors LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth $443,000. SG Americas Securities LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at $2,533,000. Quintet Private Bank Europe S.A. increased its holdings 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 valued at $29,921,000 after purchasing an additional 9,467 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in 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 purchasing an additional 343,987 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at $225,000. Hedge funds and other institutional investors own 88.03% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on OTIS. Royal Bank Of Canada lowered their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Finally, Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $102.50.
Otis Worldwide Price Performance
NYSE:OTIS traded up $0.28 during mid-day trading on Friday, reaching $86.53. The stock had a trading volume of 575,550 shares, compared to its average volume of 2,824,552. The company has a market capitalization of $33.96 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 4.22 and a beta of 0.95. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock's 50 day simple moving average is $92.74 and its two-hundred day simple moving average is $96.06.
Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS 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 negative return on equity of 30.95% and a net margin of 10.68%.The company's revenue for the quarter was down .2% compared to the same quarter last year. During the same period last year, the firm earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.
Otis Worldwide Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 15th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's payout ratio is presently 44.44%.
About Otis Worldwide
(Free Report)
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.
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