Putnam Investments LLC Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Posted by on Jun 13th, 2023

Putnam Investments LLC increased its stake in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 72.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,910,954 shares of the company’s stock after buying an additional 805,348 shares during the quarter. Putnam Investments LLC owned about 0.46% of Otis Worldwide worth $149,647,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Otis Worldwide by 0.3% in the third quarter. Vanguard Group Inc. now owns 39,694,622 shares of the company’s stock worth $2,532,517,000 after buying an additional 123,746 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Otis Worldwide by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 9,826,431 shares of the company’s stock worth $769,080,000 after purchasing an additional 100,079 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Otis Worldwide by 33.8% during the first quarter. Lazard Asset Management LLC now owns 3,896,561 shares of the company’s stock worth $299,840,000 after purchasing an additional 984,793 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Otis Worldwide by 4.3% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,535,363 shares of the company’s stock worth $273,608,000 after purchasing an additional 146,726 shares during the last quarter. 83.95% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

OTIS stock opened at $86.50 on Tuesday. The firm has a market cap of $35.75 billion, a price-to-earnings ratio of 28.55 and a beta of 0.93. The firm has a 50-day simple moving average of $83.22 and a two-hundred day simple moving average of $82.17. Otis Worldwide Co. has a one year low of $62.49 and a one year high of $87.50.

Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.74 by $0.06. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.26 billion. Otis Worldwide had a net margin of 9.35% and a negative return on equity of 28.04%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.77 earnings per share. As a group, equities analysts predict that Otis Worldwide Co. will post 3.45 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 9th. Shareholders of record on Friday, May 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.57%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.29. The ex-dividend date was Thursday, May 18th. Otis Worldwide’s dividend payout ratio is presently 44.88%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research analyst reports. TheStreet upgraded Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. Barclays decreased their target price on Otis Worldwide from $81.00 to $79.00 and set an “equal weight” rating for the company in a research report on Thursday, April 6th. HSBC lifted their target price on Otis Worldwide from $72.00 to $81.00 and gave the stock a “hold” rating in a research report on Wednesday, April 19th. Wells Fargo & Company raised shares of Otis Worldwide from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $75.00 to $88.00 in a research note on Monday, May 1st. Finally, Morgan Stanley upped their price objective on shares of Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $81.10.

Otis Worldwide Profile

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Otis Worldwide Corporation engages in the 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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