Invesco Ltd. Raises Stake in Otis Worldwide Corporation $OTIS

Invesco Ltd. boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 6.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,529,221 shares of the company’s stock after purchasing an additional 290,621 shares during the quarter. Invesco Ltd.’s holdings in Otis Worldwide were worth $448,483,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CW Advisors LLC increased its position in shares of Otis Worldwide by 45.2% in the second quarter. CW Advisors LLC now owns 5,248 shares of the company’s stock worth $520,000 after acquiring an additional 1,633 shares in the last quarter. Groupe la Francaise boosted its position in Otis Worldwide by 19.0% during the 2nd quarter. Groupe la Francaise now owns 51,666 shares of the company’s stock worth $5,093,000 after purchasing an additional 8,248 shares during the period. Beacon Pointe Advisors LLC increased its holdings in Otis Worldwide by 43.6% in the 2nd quarter. Beacon Pointe Advisors LLC now owns 21,294 shares of the company’s stock valued at $2,109,000 after purchasing an additional 6,462 shares in the last quarter. Blueshift Asset Management LLC purchased a new position in Otis Worldwide in the second quarter valued at about $273,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Otis Worldwide by 109.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,005,980 shares of the company’s stock worth $99,612,000 after purchasing an additional 525,975 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.1%

Otis Worldwide stock opened at $86.88 on Friday. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The stock has a market cap of $33.86 billion, a P/E ratio of 25.63, a price-to-earnings-growth ratio of 3.31 and a beta of 1.01. The stock has a 50 day moving average of $90.20 and a 200-day moving average of $91.77.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the prior year, the company posted $0.96 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. Barclays raised their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.71.

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.