Amalgamated Bank Has $7.66 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Amalgamated Bank reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 77,307 shares of the company’s stock after selling 2,121 shares during the quarter. Amalgamated Bank’s holdings in Otis Worldwide were worth $7,655,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of OTIS. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after purchasing an additional 571,489 shares in the last quarter. Finally, PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after purchasing an additional 543,933 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. Wells Fargo & Company increased their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Royal Bank Of Canada reduced their price objective 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. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Morgan Stanley raised their price objective 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, Barclays raised their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $104.88.

Otis Worldwide Trading Up 0.3%

Otis Worldwide stock opened at $92.80 on Friday. The stock has a 50-day moving average price of $89.78 and a two-hundred day moving average price of $93.07. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company has a market capitalization of $36.42 billion, a PE ratio of 27.37, a P/E/G ratio of 3.60 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same period last year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter 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, analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be paid 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 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

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.