Bank of Montreal Can Has $26.60 Million Holdings in Otis Worldwide Corporation $OTIS

Bank of Montreal Can decreased its position in Otis Worldwide Corporation (NYSE:OTIS) by 65.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 268,663 shares of the company’s stock after selling 507,588 shares during the period. Bank of Montreal Can’s holdings in Otis Worldwide were worth $26,603,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after buying an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. boosted its position in 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 acquiring an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. grew its stake 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 acquiring an additional 543,933 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Otis Worldwide by 4.7% in the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock valued at $437,424,000 after purchasing an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Otis Worldwide by 16.0% in the first 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. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on OTIS shares. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Wells Fargo & Company raised their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Finally, Barclays raised their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $104.88.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $91.17 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 $35.53 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 3.48 and a beta of 1.00. The firm’s 50-day moving average is $90.07 and its 200-day moving average is $92.86.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide’s payout ratio is presently 49.56%.

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.