MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $4.77 Million Stake in Otis Worldwide Corporation $OTIS

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,188 shares of the company’s stock after buying an additional 1,616 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in Otis Worldwide were worth $4,767,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Eventide Asset Management LLC purchased a new position in shares of Otis Worldwide during the first quarter valued at approximately $549,000. Cinctive Capital Management LP purchased a new position in shares of Otis Worldwide in the 1st quarter worth approximately $351,000. Banque Transatlantique SA boosted its stake in shares of Otis Worldwide by 53.8% in the 1st quarter. Banque Transatlantique SA now owns 8,919 shares of the company’s stock worth $851,000 after buying an additional 3,121 shares during the last quarter. Amundi boosted its stake in shares of Otis Worldwide by 34.8% in the 1st quarter. Amundi now owns 1,189,263 shares of the company’s stock worth $124,040,000 after buying an additional 307,220 shares during the last quarter. Finally, Aprio Wealth Management LLC boosted its stake in shares of Otis Worldwide by 8.7% in the 1st quarter. Aprio Wealth Management LLC now owns 3,936 shares of the company’s stock worth $406,000 after buying an additional 316 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $89.35 on Friday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The company has a market cap of $35.07 billion, a P/E ratio of 23.64, a P/E/G ratio of 4.22 and a beta of 0.98. The stock’s fifty day moving average price is $90.57 and its two-hundred day moving average price is $95.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio is currently 44.44%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OTIS. Royal Bank Of Canada cut their target price on 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 lowered their target price on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 24th. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Thursday, July 24th. Morgan Stanley boosted their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Wolfe Research upgraded Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $102.50.

Otis Worldwide 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.