Fifth Third Bancorp Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Posted by Defense World Staff on Jul 11th, 2023

Fifth Third Bancorp cut its stake in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 38.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,929 shares of the company’s stock after selling 10,754 shares during the period. Fifth Third Bancorp’s holdings in Otis Worldwide were worth $1,429,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. grew its position in shares of Otis Worldwide by 5.4% in the fourth quarter. Victory Capital Management Inc. now owns 368,725 shares of the company’s stock valued at $30,320,000 after purchasing an additional 18,825 shares during the last quarter. 9258 Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $223,000. InterOcean Capital Group LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $215,000. Cyndeo Wealth Partners LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $211,000. Finally, Tokio Marine Asset Management Co. Ltd. boosted its position in Otis Worldwide by 2.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,934 shares of the company’s stock worth $465,000 after acquiring an additional 149 shares during the last quarter. 96.16% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.5 %

NYSE:OTIS opened at $87.28 on Tuesday. The firm’s 50 day moving average is $85.54 and its two-hundred day moving average is $83.41. Otis Worldwide Co. has a fifty-two week low of $62.49 and a fifty-two week high of $90.11. The company has a market cap of $36.07 billion, a P/E ratio of 28.81 and a beta of 0.96.

Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its earnings results on Wednesday, April 26th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.06. Otis Worldwide had a net margin of 9.35% and a negative return on equity of 28.04%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm posted $0.77 EPS. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Co. will post 3.45 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 9th. Stockholders of record on Friday, May 19th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Thursday, May 18th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.29. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.88%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. HSBC raised their target price on shares of Otis Worldwide from $81.00 to $88.00 in a research report on Friday, June 23rd. TheStreet upgraded shares of Otis Worldwide from a “d+” rating to a “c+” rating in a research report on Monday, March 20th. Barclays raised their target price on shares of Otis Worldwide from $79.00 to $80.00 in a research report on Monday. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $88.00 to $90.00 in a research report on Monday. Finally, Morgan Stanley increased their price target 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. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $86.50.

Otis Worldwide Profile

(Free Report)

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.