Swedbank AB Acquires 5,023 Shares of Otis Worldwide Corporation $OTIS

Swedbank AB grew its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 225,142 shares of the company’s stock after purchasing an additional 5,023 shares during the quarter. Swedbank AB’s holdings in Otis Worldwide were worth $23,235,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock worth $85,000 after acquiring an additional 110 shares in the last quarter. Graypoint LLC raised its stake in shares of Otis Worldwide by 3.4% during the 1st quarter. Graypoint LLC now owns 4,414 shares of the company’s stock worth $456,000 after acquiring an additional 147 shares in the last quarter. Courier Capital LLC raised its stake in shares of Otis Worldwide by 6.2% during the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company’s stock worth $265,000 after acquiring an additional 150 shares in the last quarter. Venture Visionary Partners LLC raised its stake in shares of Otis Worldwide by 0.7% during the 1st quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company’s stock worth $2,297,000 after acquiring an additional 155 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Otis Worldwide by 16.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company’s stock worth $113,000 after acquiring an additional 158 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of several recent analyst reports. Royal Bank Of Canada reduced their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Wells Fargo & Company reduced their price objective on shares of 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. 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. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, July 24th. Finally, Morgan Stanley upped their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $102.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $89.12 on Friday. The company has a fifty day moving average of $90.36 and a two-hundred day moving average of $95.23. The stock has a market capitalization of $34.98 billion, a PE ratio of 23.58, a P/E/G ratio of 4.30 and a beta of 0.98. 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 posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio 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.